Matrix Service (NASDAQ:MTRX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. “

MTRX has been the subject of a number of other reports. BidaskClub lowered Matrix Service from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 6th. ValuEngine lowered Matrix Service from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd.

NASDAQ MTRX opened at $20.27 on Wednesday. The firm has a market capitalization of $585.56 million, a P/E ratio of 135.13 and a beta of 1.01. Matrix Service has a 12 month low of $13.00 and a 12 month high of $25.75.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings results on Wednesday, November 7th. The oil and gas company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $318.50 million during the quarter, compared to analyst estimates of $294.82 million. Matrix Service had a positive return on equity of 1.12% and a negative net margin of 1.14%. Matrix Service’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.14 EPS. As a group, equities analysts anticipate that Matrix Service will post 1.01 earnings per share for the current fiscal year.

In other news, Director Tom E. Maxwell sold 17,400 shares of the firm’s stock in a transaction on Tuesday, September 18th. The stock was sold at an average price of $25.06, for a total transaction of $436,044.00. Following the completion of the sale, the director now directly owns 47,889 shares of the company’s stock, valued at approximately $1,200,098.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Kevin S. Cavanah sold 21,450 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $25.40, for a total value of $544,830.00. The disclosure for this sale can be found here. Insiders sold a total of 98,266 shares of company stock valued at $2,369,773 over the last three months. 1.90% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in MTRX. Wedbush Securities Inc. boosted its position in shares of Matrix Service by 8.4% during the 3rd quarter. Wedbush Securities Inc. now owns 55,144 shares of the oil and gas company’s stock valued at $1,359,000 after acquiring an additional 4,291 shares during the last quarter. Ibex Investors LLC bought a new stake in shares of Matrix Service during the 3rd quarter valued at about $204,000. Renaissance Technologies LLC bought a new stake in shares of Matrix Service during the 3rd quarter valued at about $2,987,000. Mutual of America Capital Management LLC boosted its position in shares of Matrix Service by 3.8% during the 3rd quarter. Mutual of America Capital Management LLC now owns 113,246 shares of the oil and gas company’s stock valued at $2,792,000 after acquiring an additional 4,163 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Matrix Service during the 3rd quarter valued at about $475,000. 89.06% of the stock is owned by hedge funds and other institutional investors.

Matrix Service Company Profile

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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