Matrix Service Co (MTRX) Forecasted to Earn Q3 2019 Earnings of $0.27 Per Share

Matrix Service Co (NASDAQ:MTRX) – DA Davidson issued their Q3 2019 earnings estimates for shares of Matrix Service in a report issued on Tuesday, March 12th. DA Davidson analyst W. Newby expects that the oil and gas company will post earnings per share of $0.27 for the quarter. DA Davidson has a “Neutral” rating and a $22.00 price objective on the stock. DA Davidson also issued estimates for Matrix Service’s FY2019 earnings at $0.90 EPS and FY2020 earnings at $1.39 EPS.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings results on Wednesday, February 6th. The oil and gas company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.02). The firm had revenue of $340.60 million for the quarter, compared to analyst estimates of $317.23 million. Matrix Service had a negative net margin of 1.14% and a positive return on equity of 0.94%. Matrix Service’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 earnings per share.

A number of other research firms have also weighed in on MTRX. Zacks Investment Research lowered shares of Matrix Service from a “buy” rating to a “hold” rating in a report on Friday, February 1st. BidaskClub lowered shares of Matrix Service from a “buy” rating to a “hold” rating in a report on Friday, December 21st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $36.67.

MTRX opened at $20.70 on Friday. The firm has a market cap of $554.35 million, a P/E ratio of 138.00 and a beta of 1.10. Matrix Service has a twelve month low of $13.00 and a twelve month high of $25.75.

A number of hedge funds have recently made changes to their positions in MTRX. Victory Capital Management Inc. acquired a new position in Matrix Service during the 3rd quarter worth $1,592,000. Engineers Gate Manager LP acquired a new position in Matrix Service during the 3rd quarter worth $227,000. Virginia Retirement Systems ET AL acquired a new position in Matrix Service during the 3rd quarter worth $328,000. Stone Ridge Asset Management LLC grew its holdings in Matrix Service by 23.8% during the 3rd quarter. Stone Ridge Asset Management LLC now owns 39,783 shares of the oil and gas company’s stock worth $981,000 after acquiring an additional 7,653 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in Matrix Service by 16.2% during the 3rd quarter. Prudential Financial Inc. now owns 465,241 shares of the oil and gas company’s stock worth $11,468,000 after acquiring an additional 64,911 shares in the last quarter. 92.30% of the stock is owned by institutional investors.

In other Matrix Service news, VP Rick J. Bennett sold 2,300 shares of the firm’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $21.00, for a total transaction of $48,300.00. Following the completion of the transaction, the vice president now directly owns 16,721 shares of the company’s stock, valued at approximately $351,141. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 7,104 shares of company stock valued at $149,242. 1.90% of the stock is owned by company insiders.

Matrix Service Company Profile

Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, agricultural, and mining and minerals markets in the United States, Canada, and internationally. The company's Electrical Infrastructure segment offers construction and maintenance services to various power generation facilities, such as combined cycle plants and natural gas fired power stations; and high voltage services comprising the construction of new substations, upgrading existing substations, short-run transmission line installations, distribution upgrades and maintenance, and emergency and storm restoration services to investor owned utilities.

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