Matrix Service Company (MTRX) Upgraded by Zacks Investment Research to “Hold”

Matrix Service Company (NASDAQ:MTRX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday, July 12th.

According to Zacks, “MATRIX SERVICE CO. provides specialized on-site maintenance and construction services for petroleum refining and storage facilities and water storage tanks and systems for the municipal and private industry sector. Owners of these facilities use the Company’s services in an effort to improve operating efficiencies and to comply with stringent environmental and safety regulations. Through its subsidiaries Matrix Service, Inc., San Luis Tank Piping Construction Co., Inc., and an affiliated company West Coast Industrial Coatings, Inc., Heath Engineering, Ltd. “

MTRX has been the subject of several other reports. Stephens restated a “hold” rating on shares of Matrix Service in a research report on Monday, May 15th. ValuEngine cut Matrix Service from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, TheStreet cut Matrix Service from a “c-” rating to a “d+” rating in a report on Wednesday, May 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Matrix Service (NASDAQ:MTRX) traded down 0.99% during trading on Wednesday, reaching $10.05. The company’s stock had a trading volume of 371,950 shares. The stock has a 50-day moving average price of $9.68 and a 200 day moving average price of $13.18. Matrix Service has a 52-week low of $7.80 and a 52-week high of $23.45. The company has a market cap of $267.33 million, a PE ratio of 27.09 and a beta of 0.75.

Matrix Service (NASDAQ:MTRX) last posted its earnings results on Tuesday, May 9th. The oil and gas company reported ($0.52) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.66. Matrix Service had a return on equity of 3.07% and a net margin of 0.78%. The business had revenue of $251.20 million for the quarter, compared to analysts’ expectations of $248.51 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. Matrix Service’s quarterly revenue was down 18.8% compared to the same quarter last year. On average, analysts expect that Matrix Service will post ($0.01) EPS for the current year.

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Several institutional investors have recently bought and sold shares of MTRX. Dimensional Fund Advisors LP boosted its position in Matrix Service by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,248,294 shares of the oil and gas company’s stock worth $21,022,000 after buying an additional 195,754 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in Matrix Service by 100.0% in the second quarter. Parametric Portfolio Associates LLC now owns 257,435 shares of the oil and gas company’s stock worth $2,407,000 after buying an additional 128,725 shares during the last quarter. Nordea Investment Management AB boosted its position in Matrix Service by 138.2% in the second quarter. Nordea Investment Management AB now owns 227,001 shares of the oil and gas company’s stock worth $2,122,000 after buying an additional 131,700 shares during the last quarter. California Public Employees Retirement System boosted its position in Matrix Service by 20.5% in the second quarter. California Public Employees Retirement System now owns 122,300 shares of the oil and gas company’s stock worth $1,144,000 after buying an additional 20,800 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Matrix Service by 6.1% in the second quarter. Vanguard Group Inc. now owns 1,492,327 shares of the oil and gas company’s stock worth $13,953,000 after buying an additional 86,259 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Matrix Service Company Profile

Matrix Service Company provides engineering, fabrication, infrastructure, construction and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining and minerals markets. The Company’s segments include Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial.

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