market folly

Richard Perry's hedge fund firm Perry Capital has filed an amended 13D with the SEC regarding its stake in North American Energy Partners (NOA).  They've disclosed a 9.71% ownership stake in NOA with 3,526,968 shares.

This is a decrease of 23% in their position size since the end of the second quarter as they sold over 1 million shares. 

The filing details that Perry sold a bulk of shares on October 31st at $6.00 per share, with some other sporadic sales in late October as well.

Per Google Finance, North American Energy Partners "provides a range of heavy construction and mining and pipeline installation services to customers in the Canadian oil sands, industrial construction, commercial and public construction and pipeline construction markets. The Company’s primary market is the Canadian oil sands, where it supports the customers’ mining operations and capital projects. NAEPI provides services through all stages of an oil sands project’s lifecycle, its core focus is on providing recurring services, such as contract mining, during the operational phase."

You can view Perry Capital's other recent portfolio activity here.