Brett T. Agee, a director at Ranger Energy Services , Inc. (NYSE:RNGR), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Agee disposed of 61,905 shares of Class A Common Stock on November 21, 2024. The shares were sold at an average price of $16.6726 per share, resulting in a total transaction value of approximately $1,032,117.
The shares were sold in multiple transactions, with prices ranging from $16.50 to $16.915. Following this sale, Agee no longer holds any shares directly. However, he retains an indirect interest in 2,614,107 shares through Bayou Well Holdings Company, LLC, which he manages jointly with Richard E. Agee.
This transaction comes as part of routine trading activities and reflects Agee's continued involvement with Ranger Energy Services, a Houston-based company specializing in oil and gas field services.
In other recent news, Ranger Energy Services posted robust Q3 results, despite a challenging market environment. The company announced an 11% quarter-over-quarter increase in revenues to $153 million, although it experienced a 7% decline year-over-year. Adjusted EBITDA also saw a 20% rise from the previous quarter to $25.1 million. The High Specification Rigs segment achieved a record revenue of $86.7 million, and Ancillary Services saw significant revenue growth, largely due to a 33% increase in coiled tubing revenues.
Ranger Energy also highlighted a strong balance sheet, with zero net debt and $86.1 million in liquidity. The company demonstrated its commitment to shareholder returns by repurchasing $15.5 million in shares. As part of the recent developments, Ranger Energy expressed optimism about growth in 2025, particularly in High Specification Rigs and Ancillary Services, and anticipates stabilization in Wireline services.
InvestingPro Insights
The recent sale by director Brett T. Agee aligns with several key metrics and trends observed in Ranger Energy Services' (NYSE:RNGR) stock performance. According to InvestingPro data, RNGR has seen a significant return over the last week, with a 11.46% price total return. This short-term gain is part of a broader upward trend, as evidenced by the stock's 35.63% return over the last month and an impressive 67.97% return over the past year.
These strong returns have pushed RNGR's stock price to 98.16% of its 52-week high, indicating that the company is trading near its peak valuation for the year. This aligns with an InvestingPro Tip suggesting that the stock is currently trading near its 52-week high.
Despite the recent insider sale, RNGR's financial health appears stable. The company operates with a moderate level of debt, and its liquid assets exceed short-term obligations, as highlighted by InvestingPro Tips. Additionally, with a P/E ratio of 26.44 and a market capitalization of $374.16 million, RNGR seems to be maintaining investor confidence.
It's worth noting that while the company has shown strong stock performance, it faces some challenges. An InvestingPro Tip points out that RNGR suffers from weak gross profit margins, which is reflected in the reported gross profit margin of 16.19% for the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for RNGR, providing a deeper understanding of the company's financial position and market performance.
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