Ranger Energy Services, Inc. Announces $5 million Share Repurchase Program
June 27 2019 - 4:00PM
Business Wire
Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the
“Company”) announced that its Board of Directors has authorized a
share repurchase program to purchase up to 10% of the Company’s
currently outstanding Class A Common Stock held by non-affiliates,
not to exceed 580,000 shares or $5 million in aggregate value.
“Based on our continued strong performance and, more
importantly, the confidence we have in our business going forward,
the Board of Directors and management team believe that the
Company’s shares are an attractive investment opportunity,” said
Darron Anderson, Chief Executive Officer.
Repurchases may be made at management’s discretion from time to
time in the open market or in privately negotiated transactions.
The timing and actual number of shares purchased will depend on a
variety of factors including, but not limited to, stock price and
general market and economic conditions, as well as the Company's
working capital requirements and general business conditions. The
duration of the share repurchase program is 12 months and may be
accelerated, suspended or discontinued at any time without notice.
The repurchase program will be funded from the Company’s existing
cash balance or future cash flows. The Company does not expect to
incur debt to fund the share repurchase program. The Company had
8,454,273 Class A Common Shares issued and outstanding as of March
31, 2019.
About Ranger Energy Services, Inc.
Ranger is an independent provider of well service rigs and
associated services in the United States, with a focus on
unconventional horizontal well completion and production
operations.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements represent
Ranger’s expectations or beliefs concerning future events, and it
is possible that the results described in this press release will
not be achieved. These forward-looking statements are subject to
risks, uncertainties and other factors, many of which are outside
of Ranger’s control that could cause actual results to differ
materially from the results discussed in the forward-looking
statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Ranger does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Ranger to predict all such factors. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in our filings with the
Securities and Exchange Commission. The risk factors and other
factors noted in Ranger’s filings with the SEC could cause its
actual results to differ materially from those contained in any
forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20190627005867/en/
J. Brandon Blossman Chief Financial Officer (713) 935-8900
Brandon.Blossman@rangerenergy.com
Ranger Energy Services (NYSE:RNGR)
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