Ranger Energy Services, Inc. (NYSE:RNGR) Q1 2024 Earnings Call Transcript

Stuart Bodden: We’re not changing guidance, but we’re also not giving specific guidance, John. At the last call, we said that we thought that the year would be relatively consistent versus last year. I’d highlight a couple of things. I mean, one is I think we see a very reasonable path to that happening. The completions market and the natural gas markets, as you know, are under a lot of pressure right now and I think they are introducing some uncertainty in the market. We’re not really giving specific guidance right now given some of the uncertainty we see in the market.

John Fichthorn : And so, but plus or minus, there’s uncertainty, but this seemed like a bad quarter with a one off incident that materially dinged your cash flow. You’re guiding in the next quarter to returning to year-on-year growth in most of your business lines. I assume cash flow would kind of be a similar thing for the next quarter, assuming that’s right. Like it seems like when somebody asked about M&A tuck in acquisitions, you’re very mindful of asset quality. It seems like there’s it’s going to be very difficult to find something more compelling than your share price right here. Are all of those thoughts, right? Or if not, which ones aren’t?

Stuart Bodden: Yes. I think that is all right. And I think as we again, I think about the fourth quarter and early part of Q1, we were very aggressive for exactly the reasons that you outlined, John.

John Fichthorn : And so, 65%, you guided to a minimum of 25%. You did 65%. Great, like applause, right? Are we sticking with our minimum of 25% and if you guys continue to see the value in your share price like what you do out here, there is a reason not to?

Melissa Cougle: I think absolutely.

Stuart Bodden: Yes, agreed.

John Fichthorn : And so if that ends up being 20% of your shares outstanding this year then great.

Melissa Cougle: Yes.

Stuart Bodden: Yes. That’s right.

Operator: [Operator Instructions] And this will conclude our question-and-answer session. I’d like to turn the conference back over to Stuart Bodden for any closing remarks.

Stuart Bodden: Just want to thank everybody for joining the call this morning. Thank you for your continued interest in support at Ranger, and we will see you in the quarter. Thanks.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.