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

Recommended Reading:

Abrams Capital Management Adds Global Eagle Entratainment (ENT) to Its Equity Portfolio; Reveals 6.0% Stake

QVT Financial is Bullish on China Zenix Auto International Ltd (ZX); Boosts the Stake to 6.7%

Deerfield Management Initiates Passive Stake in Horizon Pharma Inc (HZNP)

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!