TSE:NOA
North American Construction Group (NOA.TO)
18.44
-0.07 (0.38%)
as of Sep 4, 2026, 8:00:00 pm Market Open.
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Financials 
Technical Analysis 0
Investor Insights
Sep 7, 2026, 12:00 amThis summary was created by AI, based on 2 opinions in the last 12 months.
North American Construction Group (NOA-T) presents a compelling investment opportunity, primarily considered a cheap value play. The company has successfully diversified its revenue streams over the years, with oil sands projects now constituting only about 10% of its overall income. It has expanded into mine construction and established a strong presence in international markets, particularly in the US and Australia. Analysts generally agree on its undervaluation, with the stock trading at attractive multiples—only 3.5 times operating cash flow and under 10 times price-to-earnings (PE) ratio—significantly lower than peers that trade at 10-12 times. Additionally, the stock offers a modest yield, further enhancing its appeal as an investment.
Consensus
Positive
Valuation
Undervalued
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Premium contentPAST TOP PICK
Premium contentTOP PICK
Stockchase Research Editor: Michael O'Reilly We reiterate this supplier of heavy equipment maintenance and services as a TOP PICK. It has weathered issues during the pandemic with staffing and the effects of rising costs to post record highs in revenue and earnings. Cash reserves continue to grow. It trades at 11x earnings and 1.7x book. Its dividend is backed by a payout ratio under 20% of cash flow. We continue to recommend placing a stop-loss at $12.00, looking to achieve $23.00 -- upside potential over 35%. Yield 1.9% (Analysts’ price target is $23.44)
non-base metal mining
Premium contentTOP PICK
Stockchase Research Editor: Michael O'Reilly This supplier of heavy equipment maintenance and service has had issues during the pandemic with staffing, but has been able to weather the effects of rising costs and still generate positive free cash flow. It trades at 10x earnings, 1.5x book, and supports a ROE of 18%. It pays a small dividend backed by a payout ratio under 20% of cash flow. We recommend placing a stop-loss at $12.00, looking to achieve $23.00 -- upside potential over 45%. Yield 2.1% (Analysts’ price target is $23.25)
non-base metal mining
Premium contentPAST TOP PICK
(A Top Pick Feb 17/22, Down 7%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with NOA has triggered its stop at $18.50. To remain disciplined, we recommend covering the position at this time. This will result in a net investment loss of 6%, when combined with the previous buy recommendation.
non-base metal mining
Premium contentTOP PICK
Stockchase Research Editor: Michael O'Reilly Reporting Q4 net income up 53% over the year, we again reiterate NOA as a TOP PICK. Support work at the Fort Hills and Kearl mines is doing well along with benefits from the recent Australian component supplier acquisition. It trades at 14x earnings compared to peers at 17x. We like how cash flow is increasing while they pay down debt. It trades just over 2x book and pays a small dividend backed by a payout ratio under 15% of cash flow. Management announced the dividend will double to $0.32 per annum. We recommend trailing the stop up (from $15.00) to $18.50, looking to achieve $25.50 -- upside potential over 24%. Yield 0.84% (Analysts’ price target is $25.13)
non-base metal mining
Premium contentTOP PICK
Stockchase Research Editor: Michael O'Reilly With infrastructure spending and inflation a focus of the market, we once again reiterate NOA as a TOP PICK. Recently reported earnings and revenue beat analyst expectations by 5% each. It trades at 12x earnings compared to peers at 16x. With good growth prospects, the PEG ratio is under 1.0 and it trades just over 2x book. It pays a small dividend backed by a payout ratio under 15% of cash flow. We continue to recommend a stop loss at $15, looking to achieve $25.50 -- upside potential over 30%. Yield 0.83% (Analysts’ price target is $25.57)
non-base metal mining
TOP PICK
The energy infrastructure side looks interesting. They have diversified over the last few years to mining and metals. Compared to others, they are four times operating cash flow and a good backlog. He thinks it has some growth. (Analysts’ price target is $24.43)
John ZechnerOwned
non-base metal mining
BUY
He likes it and has been adding to it recently. These guys have diversified and done very well. Their profit margins are rising. It's a good company. He likes it.
John ZechnerOwned
non-base metal mining
Premium contentTOP PICK
Stockchase Research Editor: Michael O'Reilly We are reiterating our TOP PICK recommendation with NOA, looking to achieve $28 (upside potential of 30%) and maintaining the stop loss at $15. Infrastructure projects are a good inflation hedge and this trades at good value -- 12x earnings vs peers at 30x. It pays a small dividend, backed by a payout ratio under 15% of cash flow. Yield 0.87% (Analysts’ price target is $24.25)
non-base metal mining
BUY
Global infrastructure spending will help a lot of the engineering firms. This is another good engineering play, mainly out west.
John ZechnerOwned
non-base metal mining
Premium contentTOP PICK
Stockchase Research Editor: Michael O'Reilly NOA provides mining and heavy equipment construction services to the North American resource sector. They are involved in a $2.7 billion partnership to a North Dakota flood mitigation project. The 29 year service contract provides recurring revenues. Infrastructure is a good inflation hedge and this fits well. It trades at 12x earnings compared to peers at 22x. It pays a small dividend backed by a payout ratio of under 10% of cash flow. We would buy this with a stop loss at $15, looking to achieve $28 -- upside potential over 30%. Yield 0.36% (Analysts’ price target is $27.86)
non-base metal mining
BUY
Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Q4 revenues were 6% better than estimates. EPS was short by 23% at $0.20. Sales are set to grow at a nice rate but debt is quite high at 2x cash flow. Remains cheap at 8x earnings. They will be buying back stocks. It could grow its valuation to 10 to 11x. Unlock Premium - Try 5i Free
Stockchase InsightsUnknown
non-base metal mining
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We again reiterate NOA as a TOP PICK. Management reports the company is experiencing "less skilled trade vacancies and improved equipment utilization" as it emerges from the effects of the pandemic. It trades under 2x book value and supports a 20% ROE. The dividend is backed by a payout ratio under 20% of cash flow. We like that cash reserves have been growing, while debt is aggressively retired and shares are bought back. We recommend trailing up the stop (from $14) to $16, looking to achieve $24 -- upside potential of 16%. Yield %
(Analysts’ price target is $23.79)