Zacks Investment Research lowered shares of Matrix Service Company (NASDAQ:MTRX) from a hold rating to a strong sell rating in a research report report published on Thursday morning.

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. “

MTRX has been the subject of several other research reports. ValuEngine downgraded Matrix Service from a buy rating to a hold rating in a research note on Friday, September 1st. KeyCorp reaffirmed a hold rating on shares of Matrix Service in a research note on Monday, August 28th. BidaskClub raised Matrix Service from a sell rating to a hold rating in a research note on Saturday, August 5th. Finally, TheStreet downgraded Matrix Service from a c- rating to a d+ rating in a research note on Wednesday, May 24th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock has an average rating of Hold.

Matrix Service (NASDAQ:MTRX) opened at 14.60 on Thursday. Matrix Service has a 52 week low of $7.80 and a 52 week high of $23.45. The stock has a 50 day moving average of $11.35 and a 200 day moving average of $11.83. The company’s market cap is $388.36 million.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings data on Wednesday, September 6th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $281.82 million. During the same period in the prior year, the company earned $0.34 EPS. The business’s quarterly revenue was down 18.9% compared to the same quarter last year. Equities research analysts predict that Matrix Service will post $0.60 earnings per share for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in MTRX. Louisiana State Employees Retirement System increased its position in Matrix Service by 0.9% during the 1st 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 period. Nationwide Fund Advisors increased its position in Matrix Service by 0.3% during the 1st 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 period. Russell Investments Group Ltd. increased its position in Matrix Service by 59.8% during the 1st 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 period. Great West Life Assurance Co. Can increased its position in Matrix Service by 8.6% during the 1st 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 period. Finally, American Century Companies Inc. increased its position in Matrix Service by 62.7% during the 1st 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 period. 85.55% of the stock is owned by institutional investors and hedge funds.

About Matrix Service

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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