Matrix Service (NASDAQ:MTRX) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Matrix Service (NASDAQ:MTRX) from a strong sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “Matrix Service Company designs, constructs, maintains, and provides specialized repair services and products for aboveground storage tanks, provides general industrial construction and in-plant routine maintenance, process unit turnarounds and construction services principally for petroleum refineries, bulk storage terminals, pipelines, power plants and chemical plants. Matrix Service Company is a top-tier engineering, procurement and construction company providing these services, as well as fabrication, maintenance and repair, to the energy, power and industrial markets . The Company provides services through four subsidiaries: Matrix PDM Engineering, Matrix North American Construction (its direct hire union subsidiary), Matrix Service Inc., and Matrix Applied Technologies. “

Shares of NASDAQ MTRX opened at $8.11 on Wednesday. The firm has a fifty day moving average of $8.53 and a 200 day moving average of $9.91. Matrix Service has a one year low of $6.18 and a one year high of $16.32.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Sunday, November 7th. The oil and gas company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.38). The company had revenue of $168.09 million during the quarter. Matrix Service had a negative return on equity of 13.51% and a negative net margin of 6.94%. During the same period in the previous year, the firm posted ($0.12) earnings per share. Equities research analysts expect that Matrix Service will post -0.75 earnings per share for the current year.

In other news, Director John D. Chandler bought 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 21st. The shares were purchased at an average cost of $6.79 per share, for a total transaction of $47,530.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John R. Hewitt bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 22nd. The shares were purchased at an average price of $6.97 per share, for a total transaction of $69,700.00. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in shares of Matrix Service by 48.7% during the second quarter. Royal Bank of Canada now owns 3,284 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 1,075 shares during the period. UBS Group AG lifted its holdings in shares of Matrix Service by 98.0% during the third quarter. UBS Group AG now owns 5,415 shares of the oil and gas company’s stock worth $57,000 after purchasing an additional 2,680 shares during the period. Metropolitan Life Insurance Co NY acquired a new stake in shares of Matrix Service during the third quarter worth $75,000. Maryland State Retirement & Pension System acquired a new stake in shares of Matrix Service during the third quarter worth $112,000. Finally, Amalgamated Bank acquired a new stake in shares of Matrix Service during the second quarter worth $137,000. 85.30% of the stock is owned by hedge funds and other institutional investors.

Matrix Service Company Profile

Matrix Service Co engages in the provision of engineering, fabrication, infrastructure, construction, and maintenance services. It operates through the following segments: Utility & Power Infrastructure, Process & Industrial Facilities, and Storage & Terminal Solutions. The Utility & Power Infrastructure segment consists of power delivery services provided to investor-owned utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, upgrades and maintenance, as well as emergency and storm restoration services.

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