North American Construction Group

NOA • NYSE

North American Construction Group is a oil & gas equipment & services company in the energy sector on NYSE, led by Joe Lambert, with a market cap of $399.5M. As of Q3 2025, 50% of shares are held by 70 institutional investors, with BANK OF MONTREAL /CAN/ as the largest holder at 9.27%.

President and CEOJoe Lambert

Market Cap$399.5M

Oil & Gas Equipment & Services

Energy

Employees1.2K

Websitenacg.ca

Overview

Overview of institutional ownership in NOA as of Q3 2025 with a market cap of $414.2M

All Institutions

Institutions: 70
Value Held: $209.0M
Shares Held: 14.7M
Avg Position: $3.0M
Median Position: $328.8K

Hedge Funds

Hedge Funds: 9
Value Held: $40.5M
Shares Held: 2.8M
Avg Position: $4.5M
Median Position: $1.4M

Ownership Breakdown

Institutional (non-HF)

40.7%

$168.5M

Hedge Funds

9.77%

$40.5M

Retail & Other

49.54%

$205.2M

Based on market cap of $414.2M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NOA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$38.4M 0.02% of portfolio	9.27% 2.7M shares	Q3 2020 Held for 5y 2m	$227.19B
CLARET ASSET MANAGEMENT Corp RIA/Wealth	Monique Elizabeth Milford Gravel CEO	$29.0M 3.55% of portfolio	7.00% 2.0M shares	Q2 2018 Held for 7y 5m	$817.2M
N NATIONAL BANK OF CANADA /FI/ Institution	-	$18.7M 0.02% of portfolio	4.54% 1.3M shares	Q4 2021 Held for 3y 11m	$88.3B
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	$18.5M 4.86% of portfolio	4.47% 1.3M shares	Q2 2018 Held for 7y 5m	$380.9M
CIBC Global Asset Management Inc Long Only Manager	Eric Nmn Belanger CEO	$16.8M 0.05% of portfolio	4.04% 1.2M shares	Q4 2018 Held for 6y 11m	$34.5B
Polar Securities Inc. Hedge Fund•Multi-Strategy	Richard Gregory Lemaich CEO	$13.1M 0.39% of portfolio	3.16% 921.7K shares	Q1 2019 Held for 6y 8m	$3.4B
AEGIS FINANCIAL CORP Long Only Manager	Scott Lon Barbee President	$12.0M 4.58% of portfolio	2.89% 841.9K shares	Q3 2025 Held for 2 months	$261.3M
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$6.8M 0.00% of portfolio	1.65% 482.1K shares	Q3 2018 Held for 7y 2m	$691.34B
A AMERICAN CENTURY COMPANIES INC Institution	-	$6.5M 0.00% of portfolio	1.56% 455.6K shares	Q3 2020 Held for 5y 2m	$195.93B
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	John Wyatt Ricketts President	$5.0M 0.02% of portfolio	1.20% 350.1K shares	Q4 2022 Held for 2y 11m	$31.7B

Net Capital Flow

Institutional buying and selling activity for NOA in Q3 2025

Traded: −$13.8M
Buyers: 25
Sellers: 41
Total Bought: +$33.8M
Total Sold: −$47.6M
Avg Position: $2.5M

Biggest Buyers

Institution	Net Bought	Current Position
AEGIS FINANCIAL CORP Long Only Manager	+$12.0M +841.9K shares	$12.0M 841.9K shares
BANK OF MONTREAL /CAN/ Institution	+$6.5M +459.8K shares	$38.4M 2.7M shares
CIBC Global Asset Management Inc Long Only Manager	+$5.6M +393.7K shares	$16.8M 1.2M shares
T Timelo Investment Management Inc. Institution	+$3.7M +260.0K shares	$3.9M 275.5K shares
Clearbridge Investments, LLC Long Only Manager	+$2.0M +139.6K shares	$3.2M 225.0K shares
A AMERICAN CENTURY COMPANIES INC Institution	+$1.7M +121.3K shares	$6.5M 455.6K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$473.8K +33.4K shares	$473.8K 33.4K shares
BURNEY CO/ RIA/Wealth	+$306.8K +21.6K shares	$306.8K 21.6K shares
Federation des caisses Desjardins du Quebec Fund of Funds	+$301.7K +21.6K shares	$332.0K 23.8K shares
D D. E. Shaw & Co., Inc. Institution	+$230.1K +16.2K shares	$230.1K 16.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
Polar Securities Inc. Hedge Fund•Multi-Strategy	−$10.6M −745.6K shares	$13.1M 921.7K shares
C CIBC World Markets Inc. Institution	−$5.1M −356.8K shares	$1.1M 75.7K shares
A AYAL Capital Advisors Ltd Institution	−$5.0M −312.1K shares	Sold Off 0 shares
S STIFEL FINANCIAL CORP Long Only Manager	−$4.0M −283.8K shares	$1.1M 79.4K shares
CANNELL CAPITAL LLC Hedge Fund•Long/Short	−$3.5M −243.3K shares	$18.5M 1.3M shares
INTACT INVESTMENT MANAGEMENT INC. Private Equity	−$3.0M −208.6K shares	$355.2K 25.0K shares
R ROYAL BANK OF CANADA Institution	−$2.9M −203.0K shares	$1.9M 130.4K shares
BANK OF AMERICA CORP /DE/ Institution	−$2.2M −155.9K shares	$2.4M 170.4K shares
C Cumberland Partners Ltd Institution	−$1.8M −110.1K shares	Sold Off 0 shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	−$1.1M −75.0K shares	$5.0M 350.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NOA in Q3 2025

New Positions: 4
New Value: $12.3M
Exited Positions: 13
Exited Value: $10.0M

New Positions

Institution	Position Value
AEGIS FINANCIAL CORP Long Only Manager	$12.0M 841.9K shares
BURNEY CO/ RIA/Wealth	$306.8K 21.6K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	$724.0 51.0 shares
Bell Investment Advisors, Inc RIA/Wealth	$668.0 47.0 shares

Exited Positions

Institution	Previous Position
A AYAL Capital Advisors Ltd Institution	$5.0M 312.1K shares
C Cumberland Partners Ltd Institution	$1.8M 110.1K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$755.4K 47.2K shares
H HSBC HOLDINGS PLC Institution	$613.7K 38.5K shares
Trexquant Investment LP Hedge Fund•Quant	$449.1K 28.1K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	$344.0K 21.5K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$327.7K 20.5K shares
G GREAT WEST LIFE ASSURANCE CO /CAN/ Institution	$242.0K 15.1K shares
P Proficio Capital Partners LLC Family Office	$198.7K 12.4K shares
Q Quadrature Capital Ltd Institution	$182.1K 11.4K shares

Options Activity

Institutions with the largest Call and Put options positions in NOA as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with NOA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
T Timelo Investment Management Inc. Institution	-	6.60% $3.9M	0.94% 275.5K shares	Q2 2025 Held for 5 months	$59.3M
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	4.86% $18.5M	4.47% 1.3M shares	Q2 2018 Held for 7y 5m	$380.9M
AEGIS FINANCIAL CORP Long Only Manager	Scott Lon Barbee President	4.58% $12.0M	2.89% 841.9K shares	Q3 2025 Held for 2 months	$261.3M
CLARET ASSET MANAGEMENT Corp RIA/Wealth	Monique Elizabeth Milford Gravel CEO	3.55% $29.0M	7.00% 2.0M shares	Q2 2018 Held for 7y 5m	$817.2M
Orchard Capital Managment, LLC RIA/Wealth	Blake Elliott Harper Managing Partner	2.85% $2.2M	0.52% 152.1K shares	Q3 2024 Held for 1y 2m	$75.8M
K K.J. Harrison & Partners Inc Institution	-	0.54% $3.8M	0.89% 258.1K shares	Q2 2018 Held for 7y 5m	$698.5M
Polar Securities Inc. Hedge Fund•Multi-Strategy	Richard Gregory Lemaich CEO	0.39% $13.1M	3.16% 921.7K shares	Q1 2019 Held for 6y 8m	$3.4B
Tranquility Partners, LLC RIA/Wealth	James Golladay Baker CEO	0.08% $228.8K	0.06% 16.1K shares	Q2 2019 Held for 6y 5m	$296.2M
CIBC Global Asset Management Inc Long Only Manager	Eric Nmn Belanger CEO	0.05% $16.8M	4.04% 1.2M shares	Q4 2018 Held for 6y 11m	$34.5B
J JB CAPITAL PARTNERS LP Hedge Fund•Value	Alan Wayne Weber CCO	0.05% $284.0K	0.07% 20.0K shares	Q4 2024 Held for 11 months	$584.1M

Hedge Fund Spotlight

Discover hedge funds investing in NOA

ARROWSTREET CAPITAL LIMITED PARTNERSHIP

Hedge Fund • Quant

Portfolio ManagerAnthony Ryan

Portfolio Value: $158.92B
Positions: 1,827
Last Reported: Q3 2025

Sector Allocation

Position in North American Construction Group

Market Value: $1.4M
Shares Held: 102.1K
Portfolio Weight: 0.00%
Owned Since: 2022-Q4

Top Holding	Sector	Market Value	Weight
1 Apple AAPL	Consumer Electronics Technology	$7.2B	4.51%
2 Microsoft MSFT	Software - Infrastructure Technology	$6.5B	4.11%
3 Nvidia NVDA	Semiconductors Technology	$4.8B	3.02%