Ranger Energy Services, Inc. - RNGR STOCK NEWS

Ranger Energy Services (NYSE: RNGR) announced the departure of CEO Darron Anderson after four years. Bill Austin, Chairman of the Board, has been appointed as interim CEO while a search for a permanent replacement is underway. Austin brings over 40 years of experience, including roles in oilfield services. He emphasized Ranger's strong market position and growth potential following recent acquisitions. Anderson expressed pride in Ranger's achievements and confidence in its future despite challenging market conditions.

Ranger Energy Services, Inc. (NYSE: RNGR) has announced the acquisition of Patriot Completion Solutions LLC in an all-stock transaction. This strategic move enhances Ranger's wireline business and expands its operational footprint in key basins such as the Permian and Bakken. With Patriot's debt-free balance sheet and strong reputation in wireline evaluation and intervention services, the acquisition is viewed as a significant opportunity. CEO Darron Anderson emphasized the synergies and increased capabilities that will arise from integrating Patriot’s assets, including 22 wireline units, into Ranger's existing operations.

Ranger Energy Services (NYSE: RNGR) reported its fiscal Q1 results for 2021, showing a decline in revenues to $38.3 million, down 8% from the previous quarter. The net loss increased to $8.3 million due to reduced gross profits in the Completions segment and a non-cash tax expense. High-Spec Rigs segment revenue remained flat at $21.7 million. Despite disruptions from severe weather, a positive trend in rig activity was noted. The company successfully completed sale-leaseback transactions generating $16 million to improve its balance sheet.

Ranger Energy Services, Inc. (NYSE:RNGR) has postponed its first quarter 2021 earnings conference call, initially set for April 23, 2021. The new schedule will see Ranger report its financial results after market close on May 5, 2021, followed by a conference call on May 6, 2021, at 11:00 a.m. Eastern time. Interested parties can join via phone or the company’s website. Ranger operates as an independent provider of well service rigs and related services in the U.S., focusing on unconventional horizontal well completion.

Ranger Energy Services (NYSE: RNGR) has completed a sale-leaseback transaction for its DJ Basin facility, raising $13 million in gross proceeds. CEO Darron Anderson stated this move enhances liquidity and aids in reducing net debt. The company will maintain operational control through a long-term lease on the property, which includes office and support facilities. Ranger, specializing in well services in the U.S., aims to leverage this transaction to pursue both organic and acquisition-driven growth as the market recovers.

Ranger Energy Services, Inc. (NYSE:RNGR) is set to report its first quarter 2021 financial and operational results after market close on April 22, 2021. Management will follow up with a conference call on April 23, 2021, at 10:00 a.m. Eastern time. Interested participants can join by dialing 1-833-255-2829 or accessing through the Company’s website at www.rangerenergy.com.

The Company specializes in providing well service rigs and associated services in the U.S., focusing on unconventional horizontal well operations.

Ranger Energy Services (NYSE: RNGR) reported a 20% revenue increase to $41.5 million for Q4 2020, driven by a 50% growth in High Specification Rig revenues. Operating cash flow reached $26 million for the year, while long-term debt was reduced by nearly 50%. Despite these gains, the net loss widened to $6.7 million due to rising service costs. Adjusted EBITDA decreased to $3.2 million amid significant reactivation costs. CEO highlighted industry recovery signs and commitment to operational efficiency amid ongoing market challenges.

Ranger Energy Services, Inc. (NYSE:RNGR) will announce its fourth quarter 2020 financial results post-market on February 25, 2021. A conference call will follow on February 26, 2021, at 10:00 a.m. ET. Interested parties can join by phone or via the Company’s website. Ranger Energy focuses on providing well service rigs and related services, particularly in unconventional horizontal well completion and production operations across the U.S.

Ranger Energy Services (NYSE: RNGR) reported improved fiscal Q3 2020 results, with revenues increasing 13% to $34.6 million from Q2. Net loss decreased to $5.7 million, down from $8.9 million, aided by revenue growth and reduced expenses. Adjusted EBITDA rose to $4.4 million. The Company reduced net debt by $4 million and enhanced liquidity by 40% compared to late Q2. Performance in High Specification Rigs and Completion Services segments was notably strong, though Processing Solutions segment revenue declined slightly. CEO expressed cautious optimism for future growth amidst challenging market conditions.