Bank of America Corp DE Acquires New Shares in North American Construction Group Ltd. $NOA

Key Points

• Bank of America acquired 228,973 shares of North American Construction Group in the second quarter, worth approximately $3.05 million and representing 0.82% of the company. Institutional investors collectively own nearly 75% of the stock.
• Analyst sentiment remains mixed, with ratings ranging from buy to strong sell; the overall consensus is “Hold”, with a target price of $25.75.
• North American Construction Group reported quarterly EPS of $0.23, matching estimates, while revenue of $321.22 million exceeded expectations. The company also announced a quarterly C$0.12 dividend, equivalent to a 4.0% annualized yield.

Bank of America Corp DE bought a new position in shares of North American Construction Group Ltd. (NYSE:NOA - Free Report) TSE: NOA in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 228,973 shares of the oil and gas company's stock, valued at approximately $3,045,000. Bank of America Corp DE owned 0.82% of North American Construction Group at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Orchard Capital Management LLC acquired a new position in shares of North American Construction Group during the second quarter worth approximately $3,013,000. Arrowstreet Capital Limited Partnership raised its position in North American Construction Group by 65.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 402,413 shares of the oil and gas company's stock worth $5,430,000 after purchasing an additional 158,731 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in North American Construction Group during the 2nd quarter worth $8,029,000. JB Capital Partners LP bought a new position in North American Construction Group in the 2nd quarter valued at $931,000. Finally, CIBC Asset Management Inc increased its stake in shares of North American Construction Group by 22.3% in the 4th quarter. CIBC Asset Management Inc now owns 1,442,155 shares of the oil and gas company's stock valued at $20,812,000 after buying an additional 262,673 shares during the period. Institutional investors and hedge funds own 74.99% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wall Street Zen raised shares of North American Construction Group from a "hold" rating to a "buy" rating in a report on Saturday. Zacks Research lowered shares of North American Construction Group from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 15th. Weiss Ratings restated a "hold (c-)" rating on shares of North American Construction Group in a research report on Friday, September 4th. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of North American Construction Group in a report on Thursday, July 9th. Finally, BMO Capital Markets reissued a "market perform" rating on shares of North American Construction Group in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, North American Construction Group has an average rating of "Hold" and a consensus target price of $25.75.

North American Construction Group Price Performance

NYSE:NOA opened at $11.95 on Wednesday. North American Construction Group Ltd. has a 1-year low of $11.93 and a 1-year high of $17.26. The company has a current ratio of 1.07, a quick ratio of 0.90 and a debt-to-equity ratio of 2.15. The firm has a fifty day simple moving average of $13.48 and a 200 day simple moving average of $13.74. The stock has a market capitalization of $329.85 million, a PE ratio of 15.13 and a beta of 1.07.

North American Construction Group (NYSE:NOA - Get Free Report) TSE: NOA last issued its earnings results on Wednesday, August 12th. The oil and gas company reported $0.23 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.23. The business had revenue of $321.22 million during the quarter, compared to the consensus estimate of $246.65 million. North American Construction Group had a net margin of 2.41% and a return on equity of 6.23%. On average, research analysts expect that North American Construction Group Ltd. will post 0.9 EPS for the current fiscal year.

North American Construction Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, August 28th will be issued a C$0.12 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.48 dividend on an annualized basis and a yield of 4.0%. North American Construction Group's payout ratio is currently 43.04%.

North American Construction Group Company Profile

North American Construction Group Ltd. is a Canadian heavy construction and mining services company headquartered in Acheson, Alberta. The company provides equipment-intensive services to resource and infrastructure customers, with a particular focus on large-scale earthworks and mine development.

Its services include contract mining, mine-site development and reclamation, heavy civil construction, site preparation, road building, overburden removal, materials handling, crushing and aggregate production, and equipment rental and maintenance.

Want to see what other hedge funds are holding NOA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for North American Construction Group Ltd. (NYSE:NOA - Free Report) TSE: NOA.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.