A Thinly-Traded Cyclical Turnaround With Further Upside
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Wed, Aug. 6, 6:38 PM| Comment!
Tue, Jun. 3, 9:56 AM
- A worker was killed at Suncor Energy's (SU) oil sands site in northern Alberta on Monday while performing maintenance on a piece of heavy equipment.
- The incident occurred within an area on the site managed by North American Energy (NOA), which provides contract services for SU.
- The death marks the fourth fatality this year at SU's oil sands operations.
Tue, May. 6, 7:34 PM| Comment!
Oct. 18, 2013, 11:59 AM
- North American Energy Partners (NOA +2.4%) announces a share purchase program of up to 1.8M common shares, ~5% of its total issued and outstanding shares.
- Last month, NOA had asked some of its debtholders to amend their arrangement to allow for restricted payments, paving the way for the buyback program.
Sep. 23, 2013, 11:57 AM
- North American Energy Partners (NOA +1.2%) is asking a group of its debt holders to amend their arrangement to allow for restricted payments, which could pave the way for a significant share buyback program.
- If NOA’s solicitation efforts are successful and assuming it uses the entire $30M to carry out a share buyback, Dundee Securities estimates this would represent ~15% of its shares outstanding.
- The firm endorses NOA's "accelerated clean-up course" since the arrival of CEO Martin Ferron in summer 2012, and believes sentiment toward oil sands has improved materially in recent months.
Jun. 11, 2013, 12:45 PMMidday top 10 gainers: SGOC +56%. BEAT +53%. UQM +30%. PGNX +26%. DOLE +21%. NOA +21%. QCOR +20%. VNDA +19%. ALTI +13%. CMGE +13%.
Midday top 10 Losers: GNMK -23%. LULU -17%. SMA -16%. ALVR -15%. LDK -10%. PRIS -10%. RSOL -10%. IMUC -9%. ECTE -9%. COCO -9%. | 1 Comment
Jun. 11, 2013, 7:48 AMMore on North American Energy's (NOA) FQ4 results: Drop in earnings and revenue primarily reflects a reduction in reclamation, heavy civil, and mine services activities at the Jackpine and Muskeg River mines. Sells all piling-related assets and liabilities to Keller Group, an international ground engineering specialist, for ~C$320M. | Comment!
Jun. 11, 2013, 6:37 AM
May. 22, 2013, 12:52 PM
May. 22, 2013, 12:15 PMNorth American Energy (NOA +14.8%) is a turnaround story, Barron's writes, cutting costs, slashing spending, selling assets and paying down debt since CEO Martin Ferron joined last June. FrontFour Capital predicts shares could rise to $78 based on an enterprise value of 3.5x forecast 2014 EBITDA. Worth noting: Ferron has amassed 775K shares, a sign of his commitment and NOA's potential. | 1 Comment
Mar. 5, 2013, 2:45 PMThe State Department report finding little environmental cause not to build the Keystone pipeline (TRP) is viewed by Jefferies analysts as an important step toward the project's ultimate approval. The firm believes North American Energy Partners (NOA), whose earnings have been pressured by excess oil sands capacity, has significant leverage to the news. Other key beneficiaries: PDS, WFT, BHI. | 3 Comments
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