Matrix Service (NASDAQ:MTRX) Rating Lowered to Sell at BidaskClub

Matrix Service (NASDAQ:MTRX) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday, BidAskClub reports.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Matrix Service from a “sell” rating to a “strong-buy” rating and set a $22.00 price objective for the company in a research note on Thursday, September 5th. ValuEngine cut shares of Matrix Service from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, DA Davidson raised shares of Matrix Service from a “neutral” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, one has given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $23.50.

MTRX stock traded up $0.22 during midday trading on Wednesday, reaching $19.26. 1,379 shares of the company’s stock traded hands, compared to its average volume of 182,883. Matrix Service has a 52-week low of $15.43 and a 52-week high of $25.75. The stock has a market cap of $514.14 million, a P/E ratio of 18.96 and a beta of 1.01. The company has a current ratio of 1.51, a quick ratio of 1.49 and a debt-to-equity ratio of 0.02. The stock’s 50-day moving average is $18.92 and its 200 day moving average is $19.64.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Wednesday, August 28th. The oil and gas company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.04. The firm had revenue of $398.71 million during the quarter, compared to analysts’ expectations of $376.60 million. Matrix Service had a net margin of 1.98% and a return on equity of 8.39%. The company’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 earnings per share. As a group, research analysts expect that Matrix Service will post 1.6 EPS for the current fiscal year.

In related news, COO Joseph F. Montalbano sold 6,036 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $20.00, for a total transaction of $120,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Joseph F. Montalbano sold 10,275 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $20.36, for a total transaction of $209,199.00. Following the transaction, the chief operating officer now owns 52,546 shares of the company’s stock, valued at approximately $1,069,836.56. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Matrix Service by 5.5% during the second quarter. BlackRock Inc. now owns 4,297,340 shares of the oil and gas company’s stock worth $87,065,000 after acquiring an additional 224,618 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Matrix Service by 100.7% during the first quarter. JPMorgan Chase & Co. now owns 1,430,801 shares of the oil and gas company’s stock worth $28,016,000 after acquiring an additional 717,743 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Matrix Service by 68.0% during the second quarter. Russell Investments Group Ltd. now owns 1,153,315 shares of the oil and gas company’s stock worth $23,363,000 after acquiring an additional 467,001 shares during the last quarter. Northern Trust Corp boosted its position in shares of Matrix Service by 1.6% during the second quarter. Northern Trust Corp now owns 785,422 shares of the oil and gas company’s stock worth $15,913,000 after acquiring an additional 12,037 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Matrix Service by 20.2% during the second quarter. Prudential Financial Inc. now owns 721,436 shares of the oil and gas company’s stock worth $14,616,000 after acquiring an additional 121,162 shares during the last quarter. Hedge funds and other institutional investors own 95.52% of the company’s stock.

About Matrix Service

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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