Piper Sandler upgrades Ranger Energy to Overweight, raises target to $17

As previously reported, Piper Sandler upgraded Ranger Energy (RNGR) to Overweight from Neutral with a price target of $17, up from $15. The firm cites its favorable growth outlook, including its recent acquisition of American Well Services, which further consolidates the U.S. well service rig market and the buildout of its hybrid electric Echo rig. Further, Piper sees an improving rate-of-change driven by its recent American Well Services acquisition and Echo rig buildout with continued free cash flow generation.