Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholders' Matters and Issuer Purchases of Equity
Securities
Market Information
Our Class A Common Stock is listed on the NYSE under the symbol “RNGR,” and there is no public market for our Class B Common Stock. We have a significant number of beneficial shareholders or shareholders whose shares are held in “street name,” where such shares are held by a broker or other nominee, thereby increasing the number holders of record. As of February 24, 2021, there were approximately 40 and four shareholders of record of our Class A Common Stock and Class B Common Stock, respectively.
We have not paid any dividends since our inception to holders of our Class A Common Stock. We currently intend to retain any future earnings to finance the growth of our business.
Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
In connection with the Offering, we entered into a master reorganization agreement in 2017 (the “Master Reorganization Agreement”) under which the parties thereto effected a series of restructuring transactions. Under the Master Reorganization Agreement, an aggregate $3.0 million liability was settled by the Company and CSL Energy Holdings I, LLC during the year ended December 31, 2019. At the Company’s discretion, the liability was settled through the issuance of 206,898 shares of Class A Common Stock.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
During the year ended December 31, 2020, the Company repurchased 344,828 shares of the Company’s Class A Common Stock for an aggregate $2.4 million in a privately negotiated transaction with ESCO. See “Part II, Item 8. Financial Statements and Supplementary Data—Note 12 — Commitments and Contingencies,” for further details.
In June 2019, the Board of Directors approved a share repurchase program, authorizing the Company to purchase up to 10% of the outstanding Class A Common Stock held by non-affiliates, not to exceed 580,000 shares or $5.0 million in aggregate value. Share repurchases may have taken place from time to time on the open market or through privately negotiated transactions. The duration of the share repurchase program was 12 months and therefore ended in June 2020. During the years ended December 31, 2020 and 2019, the Company repurchased 93,063 shares and 113,937 shares, respectively, of Class A Common Stock for an aggregate $0.7 million for both periods, in the open market.
The following table provides information with respect to Class A Common Stock purchases made by the Company during the three months ended December 31, 2020.
Period Total Number of Shares Repurchased (1)
Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs
October — $ — — —
November 4,846 3.30 — —
December — — — —
Total 4,846 $ 3.30 — —
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(1) Total number of shares repurchased in the fourth quarter of 2020 consists of 4,846 shares withheld by us in satisfaction of withholding taxes due upon the vesting of restricted shares granted to our employees under our Long-Term Incentive Plan.
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Stock Performance Graph
The graph below presents a comparison of the cumulative total return on our Class A Common Stock, assuming $100 was invested on August 10, 2017, the initial trading day for our common stock for the NYSE Composite Index and a self- determined peer group, which includes Basic Energy Services, Key Energy Services, KLX Energy Services and Nine Energy Service.
The graph and related information should not be deemed “soliciting material” or to be “filed” with the SEC, nor should such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate such information by reference into such a filing. The graph and information is included for historical and comparative purposes only and should not be considered indicative of future stock performance.
Item 6. Selected Financial Data
Not required.
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