Jefferies Assumes North American Energy Partners (NOA) at Buy

Jefferies assumes coverage on North American Energy Partners (NYSE: NOA) with a Buy rating and a price target of $8.50 (from $5.00) saying the company is streamlined and prepared for growth.

Analyst Luke Folta comments, "We believe that a multi-year spending ramp in the Oil Sands region is just beginning and NOA has restructured itself to leverage these trends. Given the technological improvement, oil sands project economics have improved markedly since the last cycle and the market is advancing takeaway solutions amidst a favorable Canadian regulatory environment. We assume coverage of NOA with a BUY rating and $8.50TP (6.5x '15 EBITDA)."

For an analyst ratings summary and ratings history on North American Energy Partners click here. For more ratings news on North American Energy Partners click here.

Shares of North American Energy Partners closed at $6.59 yesterday.

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