Calvin Blissett on X
$RNGR: $14.71, ~$345M mkt cap, ~$395M EV after the STEP deal. Q2 adj EBITDA $28.6M, so ~3.5x run-rate EBITDA. Ranger runs well-service rigs, wireline and coiled tubing in the Permian and Bakken: the crews that keep old oil wells producing. Unsexy, but maintenance work holds up better than drilling. Capital allocation is the pitch. They've bought back ~4.6M shares since 2023 at ~$11 avg, pay a dividend, and just bought STEP's US coiled tubing assets for $27.5M, ~2.5x expected 2027 EBITDA. Chevron gave them 3 more hybrid ECHO rigs in July. Mgmt is targeting $100M+ of EBITDA against a ~$395M EV. Risk: H1 FCF was negative because customers paid slow (receivables went from $78M to $124M). When that cash comes home, FCF jumps.
