North American Construction Group (TSE:NOA) Shares Down 23.9% After Analyst Downgrade

North American Construction Group Ltd. (TSE:NOA) (NYSE:NOA) traded down 23.9% during mid-day trading on Thursday after Raymond James Financial lowered their price target on the stock from C$26.00 to C$24.00. Raymond James Financial currently has an outperform rating on the stock. North American Construction Group traded as low as C$17.22 and last traded at C$17.35. 43,688 shares were traded during trading, a decline of 49% from the average session volume of 85,841 shares. The stock had previously closed at C$22.80.

Several other brokerages have also recently weighed in on NOA. ATB Cormark Capital Markets raised North American Construction Group from a “sector perform” rating to an “outperform” rating and dropped their price objective for the stock from C$23.00 to C$21.00 in a report on Friday. Roth Mkm raised shares of North American Construction Group to a “strong-buy” rating in a research note on Thursday, February 5th. TD Securities lowered their price target on shares of North American Construction Group from C$21.00 to C$19.00 and set a “hold” rating for the company in a research report on Friday, December 19th. Canaccord Genuity Group raised shares of North American Construction Group from a “hold” rating to a “buy” rating and set a C$20.00 price target for the company in a research note on Friday. Finally, BMO Capital Markets lowered shares of North American Construction Group from an “outperform” rating to a “market perform” rating and cut their price objective for the company from C$26.00 to C$23.00 in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, North American Construction Group presently has a consensus rating of “Moderate Buy” and a consensus target price of C$24.63.

Key Headlines Impacting North American Construction Group

Here are the key news stories impacting North American Construction Group this week:

• Positive Sentiment: Multiple broker upgrades: Raymond James maintained an “outperform” rating (PT trimmed C$26 → C$24), ATB Cormark upgraded NOA to “outperform” (PT C$21), and Canaccord raised the stock from “hold” to “buy” (PT C$20). These upgrades increase buy-side visibility and likely supported the rally. Analyst Ratings Roundup
• Positive Sentiment: Corporate update: North American Construction filed its 2025 annual report and signaled a “2026 growth pivot” — a forward-looking message that can boost investor confidence in recovery/earnings traction next year. Annual Report / Growth Pivot
• Neutral Sentiment: ESG disclosure: The company filed a 2025 Supply Chains Anti‑Slavery Report — improves governance/transparency but is unlikely to move near-term fundamentals. Anti‑Slavery Report
• Negative Sentiment: Quarterly results were mixed: NOA reported a loss per share (C($0.14)) on C$305.6M revenue; net margin ~3% and ROE ~9.3%. The EPS shortfall is a near-term negative that could cap upside until profitability normalizes. Quarterly Results
• Negative Sentiment: Broker downgrade: BMO cut NOA from “outperform” to “market perform” and lowered its PT to C$23, which is a counterweight to the upgrades and may limit upside for more conservative investors. BMO Coverage Change

North American Construction Group Stock Performance

The stock has a market cap of C$511.43 million, a P/E ratio of 13.85, a PEG ratio of 0.79 and a beta of 0.70. The stock has a fifty day simple moving average of C$21.52 and a 200-day simple moving average of C$20.24. The company has a quick ratio of 0.79, a current ratio of 0.88 and a debt-to-equity ratio of 201.83.

North American Construction Group (TSE:NOA) (NYSE:NOA) last announced its quarterly earnings results on Wednesday, March 11th. The company reported C($0.14) EPS for the quarter. The company had revenue of C$305.58 million during the quarter. North American Construction Group had a net margin of 2.63% and a return on equity of 7.88%. Equities analysts expect that North American Construction Group Ltd. will post 4.0597484 earnings per share for the current fiscal year.

About North American Construction Group

North American Construction Group Ltd is Canada’s provider of heavy civil construction and mining contractors. The company has provided services to the oil, natural gas and resource companies.