Thank you for asking your question on JustAnswer. The code 214 is in most cases on your 1994 Ranger caused by a bad cam sensor. The cam sensor on your 1994 is located on top of the engine at the very back next to the fire wall. Replacing the sensor will likely correct you issue.
I'm told that the 4.0 x engine does not have a cam sensor. and I do not see one in this engine. I have replaced these cam sensors in other Fords. but can not find one in this truck.
Thank you Bob
Yes your 4.0 does have a cam sensor, its at the back of the block next to the fire wall.