Perry Corp Trims Position in North American Energy Partners Inc.(USA) (NOA)

Richard Perry‘s Perry Corp  has significantly cut its position in North American Energy Partners Inc.(USA) (NYSE:NOA) for the second time during this quarter. According to a newly amended filing with the SEC, Perry Corp currently owns around 1.73 million shares of the company, versus 3.53 reported earlier. The stake amasses 4.75% of the company’s outstanding stock, down from 9.71% held earlier.

Richard Perry

In November, the fund reduced its holding in North American Energy Partners Inc.(USA) (NYSE:NOA) to 3.53 million, from 4.60 million owned at the end of September.

Currently, other funds also have positive stakes in North American Energy Partners Inc. (USA) (NYSE:NOA). Phil Falcone’s Harbinger has been the most bullish with holding of 7.03 million shares, valued at $38.3 million. It is followed by Stephen Loukas, David A. Lorber, Zachary George’s Frontfour Capital Group which owns over 2.5 million shares, worth $13.8 million. Meanwhile J. Carlo Cannell’s Cannell Capital reported 1.37 million shares, worth $7.4 million.

Canadian mining company North American Energy Partners Inc.(USA) (NYSE:NOA) in June last, reported poor earnings because of drop in reclamation in Jackpine as well as Muskeg River mines, besides civil as well as mine services. However, the company has since won itself a second wind with new CEO Martin Ferron’s charting new course of action. Cutting down on expenses, improving the bottom line has been steady over the past year. The turnaround has been near perfect, with the company having worked out share buyback of 1.8 million common shares in October last.

The revenue was down from $123.5 million for the three months ended September 30, 2012 to $116.2 million for the three months ended September 30, 2013. The net loss from continuing operations for the three months ended September 30, 2013 was $8.7 million up from $5.0 million net loss for the same period last year.

The company though managed to boost its Operating profit margin to 0.5% up from a loss of 0.6% for the same period last year.  Gross profit margin also surged to 10.0% from 6.7% in the same period last year.

Disclosure: none

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