Michael Kearney, a director at Ranger Energy Services , Inc. (NYSE:RNGR), recently sold 25,000 shares of the company's Class A common stock. The sale comes as the stock trades near its 52-week high of $17.15, having delivered impressive returns of over 66% in the past year. According to InvestingPro analysis, the stock's RSI indicates overbought conditions. The shares were sold at a weighted average price of approximately $16.40, resulting in a total transaction value of $409,964. Following this sale, Kearney holds 34,633 shares of the company directly. The shares were sold over multiple transactions, with prices ranging from $16.25 to $16.57. While this insider sale is notable, InvestingPro data shows management has been actively buying back shares, and the company maintains strong financial health with liquid assets exceeding short-term obligations. For deeper insights into insider trading patterns and 13 additional ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Ranger Energy Services posted robust third-quarter results, despite the difficult market conditions. The company reported an 11% quarter-over-quarter increase in revenues, reaching $153 million, although this represented a 7% year-over-year decline. Adjusted EBITDA also rose by 20% from the previous quarter, reaching $25.1 million.
Significant revenue boosts were noted in the High Specification Rigs segment, which achieved a record revenue of $86.7 million, and the Ancillary Services segment, primarily driven by a 33% increase in coiled tubing revenues. The company maintains a strong balance sheet, with zero net debt and $86.1 million in liquidity, and has returned over 80% of free cash flow to shareholders through dividends and share repurchases.
Looking forward, Ranger Energy is optimistic about growth in 2025, particularly in the High Specification Rigs and Ancillary Services segments, and anticipates stabilization in Wireline services. These developments underscore Ranger Energy's resilience in challenging market conditions and its commitment to operational efficiency and shareholder value.
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