UPDATE: Jefferies Raises PT on North American Energy Partners Following F4Q2013 Operating Results

In a report published Wednesday, Jefferies analyst Stephen Volkmann reiterated a Hold rating on North American Energy Partners NOA, and raised the price target from $4.00 to $5.00.

In the report, Jefferies noted, “NOA announced F4Q2013 operating results as well as the sale of the Piling Division. The transaction improves liquidity, but the sale of the profitable division suggests that continued project delays, reductions in customer capital spend and equipment overcapacity in the region could pressure revenues and profitability in the remaining operating segment until end market conditions improve.”

North American Energy Partners closed on Tuesday at $4.22.