Ranger Energy Services, Inc. (NYSE:RNGR) Sees Significant Decrease in Short Interest

Key Points

• Short interest in Ranger Energy Services decreased by 23.8% in August, falling from 380,000 shares to 289,500 shares, representing about 1.4% of the total shares.
• Director Brett T. Agee sold 36,374 shares at an average price of $14.49, reducing his stake by 3.50% and indicating ongoing insider activity.
• Ranger Energy Services received several analyst upgrades, with a notable shift from a "buy" rating to a "strong-buy" rating by Wall Street Zen, reflecting positive sentiment among analysts.

Ranger Energy Services, Inc. (NYSE:RNGR - Get Free Report) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 289,500 shares, a decrease of 23.8% from the August 15th total of 380,000 shares. Based on an average daily volume of 188,800 shares, the days-to-cover ratio is currently 1.5 days. Approximately 1.4% of the company's stock are short sold. Approximately 1.4% of the company's stock are short sold. Based on an average daily volume of 188,800 shares, the days-to-cover ratio is currently 1.5 days.

Insider Buying and Selling

In related news, Director Brett T. Agee sold 36,374 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.49, for a total transaction of $527,059.26. Following the sale, the director directly owned 1,001,805 shares of the company's stock, valued at approximately $14,516,154.45. This represents a 3.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 67,674 shares of company stock worth $936,698. Corporate insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Ranger Energy Services

Several institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. lifted its stake in shares of Ranger Energy Services by 134.1% in the 2nd quarter. Osaic Holdings Inc. now owns 10,626 shares of the company's stock worth $127,000 after purchasing an additional 6,087 shares during the period. Oxford Asset Management LLP bought a new position in shares of Ranger Energy Services in the 2nd quarter worth approximately $174,000. Lazard Asset Management LLC lifted its stake in shares of Ranger Energy Services by 2,283.1% in the 2nd quarter. Lazard Asset Management LLC now owns 21,901 shares of the company's stock worth $261,000 after purchasing an additional 20,982 shares during the period. Encompass Capital Advisors LLC lifted its stake in shares of Ranger Energy Services by 0.8% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,513,284 shares of the company's stock worth $18,069,000 after purchasing an additional 12,716 shares during the period. Finally, Engineers Gate Manager LP bought a new position in shares of Ranger Energy Services in the 2nd quarter worth approximately $125,000. Institutional investors own 68.10% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on RNGR. Zacks Research raised shares of Ranger Energy Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 12th. Piper Sandler began coverage on shares of Ranger Energy Services in a research report on Monday, July 14th. They set a "neutral" rating and a $13.00 price objective on the stock. Finally, Wall Street Zen raised shares of Ranger Energy Services from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 13th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $13.00.

Ranger Energy Services Stock Up 1.6%

RNGR traded up $0.22 during midday trading on Thursday, hitting $14.36. 359,580 shares of the company traded hands, compared to its average volume of 148,742. The firm has a market capitalization of $313.67 million, a PE ratio of 14.51 and a beta of 0.45. The company's 50-day moving average is $13.14 and its 200 day moving average is $12.76. Ranger Energy Services has a 52 week low of $10.56 and a 52 week high of $18.45.

Ranger Energy Services (NYSE:RNGR - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.08. Ranger Energy Services had a net margin of 3.92% and a return on equity of 8.36%. The firm had revenue of $140.60 million for the quarter, compared to analysts' expectations of $141.70 million.

Ranger Energy Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, August 8th. Ranger Energy Services's dividend payout ratio is 24.24%.

About Ranger Energy Services

Ranger Energy Services, Inc provides onshore high specification well service rigs, wireline services, and complementary services to exploration and production companies in the United States. It operates through three segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services.