North American Energy Partners, Inc. (NYSE:NOA) Downgraded by Zacks Investment Research
North American Energy Partners, Inc. (NYSE:NOA) (TSE:NOA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “NORTH AMERICAN ENERGY PARTNERS INC. is one of the largest providers of heavy construction, mining, piling and pipeline services in Western Canada. For more than fifty years, NAEP has provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. The Company maintains one of the largest independently owned equipment fleets in the region. “
Several other research firms have also recently commented on NOA. National Bank Financial reiterated an “outperform” rating on shares of North American Energy Partners in a report on Wednesday, May 3rd. Canaccord Genuity reiterated a “buy” rating and set a $9.00 price target on shares of North American Energy Partners in a report on Tuesday, May 2nd. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $7.13.
North American Energy Partners (NOA) opened at 4.40 on Wednesday. The company has a market capitalization of $121.15 million, a P/E ratio of 60.27 and a beta of 0.64. The stock’s 50 day moving average is $4.51 and its 200-day moving average is $4.66. North American Energy Partners has a 1-year low of $2.34 and a 1-year high of $5.70.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Wednesday, May 31st will be issued a dividend of $0.0147 per share. This represents a $0.06 annualized dividend and a yield of 1.33%. The ex-dividend date is Friday, May 26th. North American Energy Partners’s dividend payout ratio (DPR) is presently 100.00%.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its position in North American Energy Partners by 151.7% in the first quarter. Acadian Asset Management LLC now owns 1,252,322 shares of the oil and gas company’s stock valued at $6,197,000 after buying an additional 754,745 shares during the period. Renaissance Technologies LLC boosted its position in North American Energy Partners by 45.7% in the first quarter. Renaissance Technologies LLC now owns 1,068,300 shares of the oil and gas company’s stock valued at $5,288,000 after buying an additional 335,040 shares during the period. Morgan Stanley boosted its position in North American Energy Partners by 147.8% in the first quarter. Morgan Stanley now owns 850,366 shares of the oil and gas company’s stock valued at $4,210,000 after buying an additional 507,267 shares during the period. Bank of Montreal Can boosted its position in North American Energy Partners by 17.1% in the first quarter. Bank of Montreal Can now owns 801,829 shares of the oil and gas company’s stock valued at $3,969,000 after buying an additional 117,057 shares during the period. Finally, Spark Investment Management LLC purchased a new position in North American Energy Partners during the first quarter valued at approximately $1,880,000. Institutional investors own 47.71% of the company’s stock.
About North American Energy Partners
North American Energy Partners Inc provides a range of mining and heavy construction services to customers in the resource development and industrial construction sectors within Western Canada. The Company’s operating divisions include Heavy Construction and Mining; Industrial, and Tailings & Environmental Construction.
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