HOUSTON—Brett T. Agee, a director and significant shareholder of Ranger Energy Services , Inc. (NYSE:RNGR), has reported the sale of a substantial portion of the company's Class A Common Stock. According to a recent SEC filing, Agee, who is also the President and CEO, sold a total of 127,870 shares through Bayou Well Holdings Company, LLC. The sale comes as Ranger Energy Services, with a market capitalization of $374 million, has seen its stock surge 70% over the past year, currently trading near its 52-week high of $17.15.
The transactions, executed on November 29 and December 2, were completed at weighted average prices ranging from $16.5196 to $16.604 per share, netting a total of approximately $2.12 million. Following these sales, Agee, through Bayou Well Holdings Company, LLC, retains ownership of 2,222,794 shares. According to InvestingPro analysis, the stock's technical indicators suggest it's in overbought territory, with 13 additional key insights available to subscribers.
Agee's role as a managing member of Bayou Well Holdings Company, LLC, grants him voting and dispositive power over the shares held by the company, though he disclaims beneficial ownership beyond his pecuniary interest. For comprehensive analysis of RNGR and access to detailed Fair Value estimates, visit InvestingPro, where you'll find exclusive insights in the Pro Research Report.
In other recent news, Ranger Energy Services recorded a robust financial performance in Q3 2024, despite market challenges. The company reported an 11% quarter-over-quarter increase in revenues, reaching $153 million, although this represented a 7% decline year-over-year. Adjusted EBITDA also rose by 20% 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 a significant revenue boost, primarily due to a 33% increase in coiled tubing revenues.
Ranger Energy also highlighted its strong balance sheet, with zero net debt and $86.1 million in liquidity. The company further demonstrated its commitment to shareholder returns by repurchasing $15.5 million in shares. Looking forward, Ranger Energy is optimistic about 2025, particularly in the High Specification Rigs and Ancillary Services segments, and expects stabilization in Wireline services. These are just a few of the recent developments at Ranger Energy Services.
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