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NOA - North American Construction Group: Short-Term Challenges Vs. Medium-Term Stability
North American Construction Group Ltd.
NOA Has Many Short-Term Challenges
At the current energy market dynamics in the past-pandemic world, lower capex in the oil sands industry will keep the pressure on the Canadian energy services industry. So, in the short term, I do not expect North American Construction Group (NOA) to show any improvement in performance. Rather, higher-than-expected maintenance time in a coal mine project can set its Q2 revenues and margin at a much lower level compared to Q1.
NOA, which has long-term contracts with some of the largest oil sands producers, should see the top-line