Polar Asset Management Partners Inc. Purchases 718,884 Shares of North American Construction Group Ltd. $NOA

Key Points

• Polar Asset Management Partners Inc. increased its stake in North American Construction Group by 70.3% during the first quarter, accumulating a total of 1,740,985 shares worth approximately $27.58 million.
• North American Construction Group's quarterly earnings report revealed an EPS of $0.24, which fell short of analysts' expectations, with revenues of $235.51 million exceeding estimates.
• The company announced an increase in its quarterly dividend to $0.0872 per share, reflecting a 2.6% dividend yield on an annualized basis.

Polar Asset Management Partners Inc. increased its stake in shares of North American Construction Group Ltd. (NYSE:NOA - Free Report) TSE: NOA by 70.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,740,985 shares of the oil and gas company's stock after purchasing an additional 718,884 shares during the period. North American Construction Group makes up approximately 0.6% of Polar Asset Management Partners Inc.'s investment portfolio, making the stock its 29th largest holding. Polar Asset Management Partners Inc. owned about 5.69% of North American Construction Group worth $27,577,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. NewGen Asset Management Ltd acquired a new stake in shares of North American Construction Group during the first quarter worth about $2,368,000. Two Sigma Investments LP raised its holdings in shares of North American Construction Group by 99.3% in the fourth quarter. Two Sigma Investments LP now owns 195,639 shares of the oil and gas company's stock valued at $4,228,000 after purchasing an additional 97,493 shares during the last quarter. American Century Companies Inc. boosted its holdings in North American Construction Group by 20.8% during the first quarter. American Century Companies Inc. now owns 304,698 shares of the oil and gas company's stock worth $4,804,000 after purchasing an additional 52,474 shares during the last quarter. Bank of America Corp DE boosted its holdings in North American Construction Group by 12.8% during the fourth quarter. Bank of America Corp DE now owns 434,014 shares of the oil and gas company's stock worth $9,379,000 after purchasing an additional 49,104 shares during the last quarter. Finally, K.J. Harrison & Partners Inc grew its position in North American Construction Group by 20.7% in the first quarter. K.J. Harrison & Partners Inc now owns 249,742 shares of the oil and gas company's stock valued at $3,942,000 after purchasing an additional 42,842 shares in the last quarter. 74.99% of the stock is currently owned by institutional investors and hedge funds.

North American Construction Group Price Performance

NYSE:NOA traded up $0.29 during trading hours on Wednesday, reaching $13.65. 51,590 shares of the company were exchanged, compared to its average volume of 91,341. The business has a 50 day moving average of $14.79 and a 200 day moving average of $15.82. North American Construction Group Ltd. has a 1-year low of $12.12 and a 1-year high of $22.08. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.75. The company has a market capitalization of $411.77 million, a P/E ratio of 15.67 and a beta of 1.23.

North American Construction Group (NYSE:NOA - Get Free Report) TSE: NOA last announced its quarterly earnings data on Wednesday, August 13th. The oil and gas company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.42). The company had revenue of $235.51 million during the quarter, compared to analyst estimates of $231.51 million. North American Construction Group had a net margin of 2.82% and a return on equity of 17.15%. Research analysts forecast that North American Construction Group Ltd. will post 2.56 EPS for the current year.

North American Construction Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, August 29th will be given a dividend of $0.0872 per share. This is a positive change from North American Construction Group's previous quarterly dividend of $0.09. This represents a $0.35 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 29th. North American Construction Group's dividend payout ratio (DPR) is currently 39.08%.

Analyst Upgrades and Downgrades

NOA has been the subject of several analyst reports. TD Securities cut North American Construction Group from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Canaccord Genuity Group downgraded North American Construction Group from a "buy" rating to a "hold" rating in a report on Friday, July 11th. Zacks Research cut shares of North American Construction Group from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 26th. Atb Cap Markets downgraded shares of North American Construction Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Finally, CIBC cut shares of North American Construction Group to a "neutral" rating in a report on Friday, August 15th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce".

About North American Construction Group

North American Construction Group Ltd. provides mining and heavy civil construction services to customers in the resource development and industrial construction sectors in Australia, Canada, and the United States. The company operates Heavy Equipment - Canada, Heavy Equipment - Australia, and Other segments.