Ranger Energy reports Q3 EPS 68c, consensus 47c

Reports Q3 revenue $164.4M, consensus $170.25M. CEO Stuart Bodden commented, “In Q3 of 2023, Ranger continued to deliver strong financial performance despite lower U.S. onshore drilling and completions activity and sustained weakness in the natural gas basins. Rig counts during the year have decreased by more than 15%, but Ranger has successfully maintained operational activity levels and increased revenue and EBITDA despite these declines…we were able to increase revenue slightly and Adjusted EBITDA by 10% from the prior quarter through a focus on operational efficiency in our wireline and ancillary businesses. Thanks to our industry leading teams and the resilience of our production focused business model, we are well positioned to regain our growth momentum as activity levels begin to pick up once more…We continue to benefit from a strong balance sheet, ensuring we can optimize shareholder returns even in challenging times. We’ve also been proactive in exploring further opportunities through acquisitions. As previously announced, we closed on the acquisition of complimentary pump-down assets during the third quarter, which we believe will have less than a two-year payback, with a few of those assets already at work with customers…we anticipate a modest increase in activity levels in 2024…Finally, as evidence of our commitment to return meaningful capital to our shareholders, we have been repurchasing shares this year and recently initiated a quarterly dividend…These strategic updates, alongside our strong financial performance, emphasize our dedication to delivering value to our shareholders and our optimism as we anticipate a positive shift in industry activity in the coming year.”