market folly

Richard Perry's hedge fund firm Perry Capital has filed an amended 13D with the SEC regarding its position in North American Energy Partners (NOA).  Per the filing, Perry has disclosed a 4.75% ownership stake in NOA with 1,726,968 shares.

This marks around a 62% reduction in their position size as they've sold over 2.8 million shares since the end of the third quarter.  The filing indicates they sold shares at a price of $6 per share on December 19th.

This is also the second time they've trimmed their stake, as we highlighted Perry's NOA sales back in late October.

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."