North American Energy Gets Two New Earthworks Contracts
Field service provider, North American Energy Partners Inc. NOA recently announced that the partnership has received two important winter season earthworks deals in two distinct oil sand mines. The total value of the contracts is about $90 million.
The Canada-based company also obtained a three-year term contract of providing mine support services in Highland Valley Copper Mine located in British Columbia, Canada. This contract has provision for a two-year extension.
The deals secured by North American Energy shows that the demand for earthworks for the winter season is strong. The deals will diversify the company's revenue base. The company expects its revenues, which will not be considerable before winter, to increase once the contract period starts.
At the end of the second quarter of 2017, the company had a cash balance of $27.63 million with total debt of $103.23 million. The earthworks contracts are expected to improve the company's cash balance.
About the Company
North American Energy is one of the largest providers of heavy construction, mining, piling and pipeline services in Western Canada. For more than 50 years, the company has provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. The company maintains one of the largest independently owned equipment fleets in the region.
Price Performance
North American Energy has gained 11.7% of its value year to date against 26.2% fall of its industry.
Zacks Rank and Stocks to Consider
North American Energy presently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the oil and energy sector are Lonestar Resources US Inc. LONE, SolarEdge Technologies, Inc. SEDG and TransMontaigne Partners L.P. TLP, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Lonestar Resources’ sales for 2017 are expected to surge 60.2% year over year. The company delivered a positive earnings surprise of 62.5% in the second quarter of 2017.
SolarEdge’s sales for the third quarter of 2017 are expected to increase 23.3% year over year. The company delivered an average positive earnings surprise of 21.7% in the last four quarters.
TransMontaigne’s sales for 2017 are expected to increase 10.5% year over year. The partnership delivered an average positive earnings surprise of 6.6% in the last four quarters.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
North American Energy Partners, Inc. (NOA) : Free Stock Analysis Report
TransMontaigne Partners L.P. (TLP) : Free Stock Analysis Report
Lonestar Resources US Inc. (LONE) : Free Stock Analysis Report
SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
To read this article on Zacks.com click here.
