Brett T. Agee, a director at Ranger Energy Services , Inc. (NYSE:RNGR), recently sold a significant portion of the company's Class A Common Stock. According to a filing with the Securities and Exchange Commission, Agee sold 108,687 shares on December 3, 2024, at an average price of $16.9363 per share. The total sale amounted to approximately $1.84 million. The sale comes as RNGR trades near its 52-week high of $17.15, having delivered an impressive 72% return over the past six months. InvestingPro analysis indicates the stock is currently in overbought territory, though management has been actively buying back shares.
After the transaction, Agee holds 2,114,107 shares indirectly through Bayou Well Holdings Company, LLC. Agee, who is a managing member of the LLC, may be deemed to have voting and dispositive power over these shares. However, he disclaims beneficial ownership except to the extent of his pecuniary interest. For deeper insights into insider trading patterns and 13 additional key metrics for RNGR, visit InvestingPro, where you'll find comprehensive analysis in the Pro Research Report.
In other recent news, Ranger Energy Services reported solid Q3 results, despite a challenging market environment. The company announced an 11% quarter-over-quarter increase in revenues to $153 million, although this represented a 7% decline year-over-year. Adjusted EBITDA rose by 20% from the previous quarter to $25.1 million. The High Specification Rigs segment achieved record revenue of $86.7 million, and Ancillary Services saw a significant boost, primarily due to a 33% increase in coiled tubing revenues.
Ranger Energy also highlighted its robust financial health, with zero net debt and $86.1 million in liquidity. The company has returned over 80% of free cash flow to shareholders, repurchasing $15.5 million in shares. Looking ahead, Ranger Energy is optimistic about 2025, particularly in the High Specification Rigs and Ancillary Services segments, and expects stabilization in Wireline services.
Despite these positive developments, the company experienced a year-over-year revenue decline of 7%, primarily due to lower Wireline completions. However, Ranger Energy's focus on operational efficiencies and growth in high-margin service lines indicates a promising outlook for the upcoming year.
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