Ranger Energy Services (RNGR) Fell on Low Energy Production Levels - InvestingChannel

Ranger Energy Services (RNGR) Fell on Low Energy Production Levels

Jackson Peak Capital, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. As of Q4 2023, the company has completed ten months of investing activities since its March 2023 launch. Jackson Peak had a great quarter with a net return of +9.9% and a gross return of +12.0%. Following the pattern seen in Q3, broad equities markets fell in October before pulling back sharply to rebound in November and December. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Jackson Peak Capital featured stocks like Ranger Energy Services, Inc. (NYSE:RNGR) in the fourth quarter 2023 investor letter. Headquartered in Houston, Texas, Ranger Energy Services, Inc. (NYSE:RNGR) provides well-service rigs and associated services. On February 27, 2024, Ranger Energy Services, Inc. (NYSE:RNGR) stock closed at $10.47 per share. One-month return of Ranger Energy Services, Inc. (NYSE:RNGR) was 3.05%, and its shares lost 3.94% of their value over the last 52 weeks. Ranger Energy Services, Inc. (NYSE:RNGR) has a market capitalization of $255.601 million.

Jackson Peak Capital stated the following regarding Ranger Energy Services, Inc. (NYSE:RNGR) in its fourth quarter 2023 investor letter:

“Ranger Energy Services, Inc. (NYSE:RNGR) also led to losses during the quarter. The company underperformed this past quarter as energy production levels remained low. Note, this position was functioning dually as a hedge against a prolonged spike in oil prices. Lastly, a short in an undisclosed software company led to a loss of 70bps as small and mid-cap software equities rallied meaningfully during the quarter as a factor.”

A well site in the early morning, with a worker overseeing the rigs operations.

Ranger Energy Services, Inc. (NYSE:RNGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Ranger Energy Services, Inc. (NYSE:RNGR) was held by 12 hedge fund portfolios, up from 10 in the previous quarter, according to our database.

We discussed Ranger Energy Services, Inc. (NYSE:RNGR) in another article and shared Maran Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.

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