Ranger Energy Services Inc Cl A Down 11.63% To $11.70 After Earnings Miss

Ranger Energy Services Inc (RNGR) reported less than expected earnings this morning for Q3 2023.

The consensus among analysts for Ranger Energy Services Inc Cl A was for an earnings per share (EPS) of $0.47. The firm failed to meet those projections, reporting an EPS of $0.38, a negative surprise of $0.09 (-19%). Profits fell 30% year-over-year after reporting an EPS of $0.54 in its year-ago quarter. The negative growth rate signals that the Energy company isn't performing well amid current economic conditions.

Revenues were downbeat at $164.4 million. That represents a 7.12% decrease in revenues from the year-ago report and is 3.44% lower than consensus estimates set at $170.3 million.

The stock is down 11.63% to $11.70 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

Trading in the five days leading up to the report earned Ranger Energy Services Inc Cl A a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 63. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Ranger Energy Services Inc is a provider of onshore high specification (high-spec) well service rigs, wireline services, and additional processing solutions and ancillary services in the United States. It offers a range of well site services to leading U.S. exploration and production (E&P) companies that are fundamental to establishing and enhancing the flow of oil and natural gas throughout the productive life of a well. The segments of the group are High Specification Rigs, Wireline Services and Processing Solutions and Ancillary Services, of which key revenue is derived from High Specification Rigs segment.