North American Construction Group (NYSE:NOA) Releases Earnings Results

Key Points

• North American Construction Group reported quarterly earnings of $0.24 per share, missing expectations by $0.42, although their revenue of $235.51 million exceeded estimates.
• The company’s stock price fell by $4.06 to $12.71 following the earnings announcement, with analysts downgrading ratings from "buy" to "hold".
• Hedge fund Geode Capital Management increased its stake in North American Construction Group by 51.4%, highlighting institutional interest despite the recent earnings miss.

North American Construction Group (NYSE:NOA - Get Free Report) TSE: NOA posted its quarterly earnings results on Wednesday. The oil and gas company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.42), reports. North American Construction Group had a net margin of 2.82% and a return on equity of 17.15%. The business had revenue of $235.51 million during the quarter, compared to analyst estimates of $231.51 million.

North American Construction Group Trading Down 1.1%

Shares of North American Construction Group stock traded down $0.14 during midday trading on Tuesday, reaching $12.36. 406,639 shares of the company's stock traded hands, compared to its average volume of 154,853. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.75 and a current ratio of 0.94. The company has a market cap of $373.02 million, a PE ratio of 14.21 and a beta of 1.26. The stock has a 50 day moving average of $15.91 and a 200-day moving average of $16.38. North American Construction Group has a 12 month low of $12.12 and a 12 month high of $22.08.

North American Construction Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, August 29th will be given a $0.0872 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from North American Construction Group's previous quarterly dividend of $0.09. North American Construction Group's dividend payout ratio is 40.23%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. TD Securities lowered North American Construction Group from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Canaccord Genuity Group cut shares of North American Construction Group from a "buy" rating to a "hold" rating in a report on Friday, July 11th. Atb Cap Markets lowered shares of North American Construction Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 14th. Wall Street Zen raised North American Construction Group from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Finally, Cibc World Mkts lowered North American Construction Group from a "strong-buy" rating to a "hold" rating in a research note on Friday. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of "Hold".

Institutional Investors Weigh In On North American Construction Group

Several institutional investors and hedge funds have recently modified their holdings of NOA. Raymond James Financial Inc. bought a new position in shares of North American Construction Group in the 2nd quarter worth approximately $122,000. Geode Capital Management LLC lifted its holdings in shares of North American Construction Group by 51.4% during the second quarter. Geode Capital Management LLC now owns 21,511 shares of the oil and gas company's stock valued at $344,000 after purchasing an additional 7,300 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of North American Construction Group during the 1st quarter valued at about $476,000. SkyView Investment Advisors LLC lifted its holdings in shares of North American Construction Group by 3.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 70,692 shares of the oil and gas company's stock valued at $1,139,000 after buying an additional 2,040 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of North American Construction Group by 80.7% during the 2nd quarter. Bank of America Corp DE now owns 326,266 shares of the oil and gas company's stock valued at $5,214,000 after purchasing an additional 145,745 shares during the period. 74.99% of the stock is owned by hedge funds and other institutional investors.

North American Construction Group Company Profile

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.