Zacks Investment Research lowered shares of Matrix Service Company (NASDAQ:MTRX) from a hold rating to a strong sell rating in a research note released on Thursday.
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. “
Other equities analysts have also recently issued research reports about the company. TheStreet cut Matrix Service from a c- rating to a d+ rating in a report on Wednesday, May 24th. BidaskClub cut Matrix Service from a hold rating to a sell rating in a report on Saturday, August 12th. ValuEngine cut Matrix Service from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, KeyCorp reissued a hold rating on shares of Matrix Service in a report on Monday, August 28th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock currently has a consensus rating of Hold.
Matrix Service (NASDAQ:MTRX) traded up 1.39% during trading on Thursday, reaching $14.60. The company’s stock had a trading volume of 566,066 shares. Matrix Service has a one year low of $7.80 and a one year high of $23.45. The firm’s market capitalization is $388.36 million. The stock has a 50-day moving average of $11.35 and a 200 day moving average of $11.83.
Matrix Service (NASDAQ:MTRX) last announced its earnings results on Wednesday, September 6th. The oil and gas company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Matrix Service had a negative net margin of 0.02% and a negative return on equity of 0.06%. The firm had revenue of $291.84 million for the quarter, compared to analyst estimates of $281.82 million. During the same period in the previous year, the company earned $0.34 EPS. Matrix Service’s revenue was down 18.9% compared to the same quarter last year. On average, equities research analysts predict that Matrix Service will post $0.60 EPS for the current fiscal year.
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Institutional investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System increased its holdings in shares of Matrix Service by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the oil and gas company’s stock valued at $178,000 after purchasing an additional 100 shares during the last quarter. Nationwide Fund Advisors increased its holdings in shares of Matrix Service by 0.3% in the first quarter. Nationwide Fund Advisors now owns 116,642 shares of the oil and gas company’s stock valued at $1,925,000 after purchasing an additional 352 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Matrix Service by 59.8% in the first quarter. Russell Investments Group Ltd. now owns 202,919 shares of the oil and gas company’s stock valued at $3,348,000 after purchasing an additional 75,899 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Matrix Service by 8.6% in the first quarter. Great West Life Assurance Co. Can now owns 39,212 shares of the oil and gas company’s stock valued at $645,000 after purchasing an additional 3,115 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Matrix Service by 62.7% in the first quarter. American Century Companies Inc. now owns 495,817 shares of the oil and gas company’s stock valued at $8,181,000 after purchasing an additional 191,119 shares during the last quarter. 85.55% of the stock is owned by institutional investors and hedge funds.
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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