Ranger Energy Services: Rises on smaller-than-expected loss

Ranger Energy Services

23/10/2020 17:41

** Shares of oilfield services firm  RNGR.N  up 7% at $2.74
    ** Co, on Thursday aftermarket, reported Q3 loss of 38
cents/shr vs Street estimates of 45 cents/shr loss - Refinitiv
IBES data 
    ** Revenue rose 13% to $34.6 mln from previous quarter,
driven by improvement in high specification rigs and completion
and other services segments  urn:newsml:reuters.com:*:nBw3yQjvxa
    ** Co says it is too early to point to broad market
recovery; however, within its segments and select basins, it is
experiencing significant positive trends
    ** Further adds Q3 appears to have marked bottom of this
most recent downturn with U.S. land drilling rig and frac spread
counts down 15% and 10%, respectively, on sequential basis
    ** "We are optimistic about the future and have now moved
into the fourth quarter with great momentum" - CEO
    ** Stock has plunged ~58% YTD

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))