Ranger Energy Q2 Revenue, EBITDA Beat Estimates on AWS Acquisition Boost
RNGR sits 35% above its 52-week low of $11.88.
Summary
Ranger Energy posted Q2 revenue of $176.5M, beating the $165.37M consensus, and adjusted EBITDA of $28.6M, above the $25.98M estimate. The AWS acquisition drove the gains, with sequential improvements in Wireline from new contracts and efficiency. However, management warned Wireline activity and profitability will decline in the second half, and customer growth is mostly filling existing capacity rather than adding new rigs. The company also bought back 282,900 shares for $4.5M. This follows a strong Q1 that also benefited from AWS, but the H2 Wireline caution tempers the beat. Watch for incremental ECHO rig deployments as market adoption develops. The company filed an 8-K regarding operations and financial condition.
At the time of this announcement, RNGR was trading at $16.03 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $367.6M. The 52-week trading range was $11.88 to $18.82. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.