Ranger Energy reports Q2 EPS 21c, consensus 13c

Reports Q2 revenue $138.1M, two estimates $147.8M. Stuart Bodden, Ranger’s Chief Executive Officer, commented, “We are proud to report our second quarter results, which we feel represent our OneRanger spirit. After a slow start to the year, the Ranger team banded together and developed a strong recovery plan that is proving to be successful. Despite rig count declines of more than 20% from peak levels in 2023, our flagship high specification rig business posted record top line numbers this quarter with strong margins, while our ancillary segment had a near-record quarter and showed strong resilience as well. As a result of the challenging conditions within our wireline completions service line, we have made some tough restructuring decisions to further streamline this business and pivot to more production related services. Our efforts, supported by a more stable market backdrop, have resulted in increased margins in this segment.”