HOUSTON—Brett T. Agee, President and CEO of Ranger Energy Services , Inc. (NYSE:RNGR), has sold a significant portion of his holdings in the company, according to a recent SEC filing. The transactions, executed on November 26 and 27, involved the sale of a total of 95,491 shares of Class A Common Stock. The shares were sold at a weighted average price range between $16.658 and $16.7279, amounting to approximately $1.59 million.
Following these transactions, Agee, who also serves as a managing member of Bayou Well Holdings Company, LLC, retains indirect ownership of 2,350,664 shares through the LLC. The sales were conducted in multiple transactions at varying prices, as noted in the filing.
In other recent news, Ranger Energy Services has reported a strong financial performance for the third quarter of 2024, despite a challenging market environment. The company announced an 11% quarter-over-quarter increase in revenues to $153 million, although there was a year-over-year decline of 7%. Adjusted EBITDA rose by 20% from the previous quarter to reach $25.1 million.
The High Specification Rigs segment achieved a record revenue of $86.7 million with a 22% gross margin, and Ancillary Services noted a significant revenue boost, primarily due to a 33% increase in coiled tubing revenues. Ranger Energy also highlighted its robust balance sheet, with zero net debt and $86.1 million in liquidity. The company has repurchased $15.5 million in shares, demonstrating its commitment to shareholder returns.
Looking ahead, Ranger Energy has expressed optimism about growth in 2025, particularly in the High Specification Rigs and Ancillary Services segments. The company also anticipates stabilization in Wireline services. These are among the recent developments for the company.
InvestingPro Insights
As Ranger Energy Services' CEO Brett T. Agee reduces his stake, investors might find additional context in the company's recent performance and financial health. According to InvestingPro data, Ranger Energy Services boasts a market capitalization of $366.16 million, with a price-to-earnings ratio of 25.66, suggesting investors are willing to pay a premium for the company's earnings.
The company's stock has shown remarkable strength, with InvestingPro Tips highlighting a strong return over the last year, month, and three months. In fact, the stock is trading near its 52-week high, with a 68.14% total return over the past year. This performance aligns with the CEO's decision to sell shares, potentially capitalizing on the stock's upward momentum.
Despite the recent insider sale, InvestingPro Tips indicate that management has been aggressively buying back shares, which could signal confidence in the company's future prospects. Additionally, Ranger Energy Services operates with a moderate level of debt and has liquid assets exceeding short-term obligations, suggesting a stable financial position.
For investors seeking a deeper understanding of Ranger Energy Services, InvestingPro offers 13 additional tips, providing a more comprehensive analysis of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.