Matrix Service (NASDAQ:MTRX) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Matrix Service (NASDAQ:MTRX) from a strong sell rating to a hold rating in a report released on Wednesday morning, 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. “

NASDAQ MTRX opened at $8.11 on Wednesday. The company’s 50 day moving average is $8.53 and its 200-day moving average is $9.91. Matrix Service has a 12-month low of $6.18 and a 12-month high of $16.32.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings data 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). Matrix Service had a negative net margin of 6.94% and a negative return on equity of 13.51%. The firm had revenue of $168.09 million for the quarter. During the same period in the prior year, the company posted ($0.12) earnings per share. Research analysts predict that Matrix Service will post -0.75 earnings per share for the current fiscal year.

In other Matrix Service news, CEO John R. Hewitt purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 22nd. The stock was bought at an average cost of $6.97 per share, for a total transaction of $69,700.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John D. Chandler acquired 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 disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

Several large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Matrix Service by 8.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 537,324 shares of the oil and gas company’s stock worth $5,642,000 after acquiring an additional 40,487 shares during the last quarter. Invesco Ltd. grew its holdings in Matrix Service by 8.3% during the 2nd quarter. Invesco Ltd. now owns 430,090 shares of the oil and gas company’s stock valued at $4,516,000 after buying an additional 32,780 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Matrix Service by 7.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 19,654 shares of the oil and gas company’s stock valued at $205,000 after acquiring an additional 1,300 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Matrix Service by 0.6% in the second quarter. Principal Financial Group Inc. now owns 183,387 shares of the oil and gas company’s stock valued at $1,926,000 after purchasing an additional 1,181 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Matrix Service by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 18,970 shares of the oil and gas company’s stock worth $199,000 after purchasing an additional 1,249 shares during the last quarter. Hedge funds and other institutional investors own 85.30% of the company’s stock.

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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