North American Construction Group (NYSE:NOA) Upgraded to Sector Outperform at CIBC

CIBC upgraded shares of North American Construction Group (NYSE:NOA) (TSE:NOA) from a neutral rating to a sector outperform rating in a research note issued to investors on Thursday morning, Marketbeat.com reports.

North American Construction Group Price Performance

Shares of NYSE:NOA opened at $21.04 on Thursday. The company has a 50 day moving average of $19.09 and a 200 day moving average of $19.25. The stock has a market cap of $585.48 million, a P/E ratio of 14.61 and a beta of 1.49. North American Construction Group has a 12 month low of $16.46 and a 12 month high of $25.92. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 1.85.

North American Construction Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.089 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.36 annualized dividend and a yield of 1.69%. This is a boost from North American Construction Group’s previous quarterly dividend of $0.07. North American Construction Group’s payout ratio is currently 24.31%.

Hedge Funds Weigh In On North American Construction Group

A number of hedge funds and other institutional investors have recently bought and sold shares of NOA. Millennium Management LLC lifted its holdings in shares of North American Construction Group by 240.4% in the 2nd quarter. Millennium Management LLC now owns 225,336 shares of the oil and gas company’s stock worth $4,344,000 after acquiring an additional 159,142 shares during the last quarter. CIBC Asset Management Inc raised its holdings in North American Construction Group by 13.9% during the 2nd quarter. CIBC Asset Management Inc now owns 1,154,556 shares of the oil and gas company’s stock valued at $22,249,000 after buying an additional 140,562 shares during the last quarter. Bank of Montreal Can raised its holdings in North American Construction Group by 15.3% during the 3rd quarter. Bank of Montreal Can now owns 2,154,347 shares of the oil and gas company’s stock valued at $40,519,000 after buying an additional 285,225 shares during the last quarter. Intact Investment Management Inc. raised its holdings in North American Construction Group by 23.7% during the 2nd quarter. Intact Investment Management Inc. now owns 213,300 shares of the oil and gas company’s stock valued at $4,113,000 after buying an additional 40,900 shares during the last quarter. Finally, SkyView Investment Advisors LLC raised its holdings in North American Construction Group by 75.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 58,322 shares of the oil and gas company’s stock valued at $1,124,000 after buying an additional 25,003 shares during the last quarter. Hedge funds and other institutional investors own 74.99% of the company’s stock.

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.