Matrix Service (MTRX) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Matrix Service (NASDAQ:MTRX) from a hold rating to a sell rating in a report issued on Saturday, February 17th.

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. “

Separately, BidaskClub cut shares of Matrix Service from a buy rating to a hold rating in a research report on Wednesday, January 24th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company currently has a consensus rating of Sell and an average price target of $18.00.

Matrix Service (MTRX) remained flat at $$15.55 during trading on Friday. The company had a trading volume of 140,021 shares, compared to its average volume of 199,428. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.15. The stock has a market cap of $415.94, a price-to-earnings ratio of -78.00 and a beta of 0.81. Matrix Service has a 1-year low of $7.80 and a 1-year high of $20.25.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Wednesday, February 7th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Matrix Service had a negative net margin of 0.59% and a negative return on equity of 1.97%. The firm had revenue of $282.90 million for the quarter, compared to analyst estimates of $298.43 million. During the same quarter in the previous year, the business posted $0.20 earnings per share. The firm’s quarterly revenue was down 9.5% compared to the same quarter last year. analysts expect that Matrix Service will post 0.67 EPS for the current fiscal year.

In other Matrix Service news, CEO John R. Hewitt sold 5,000 shares of Matrix Service stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $17.66, for a total transaction of $88,300.00. Following the transaction, the chief executive officer now directly owns 283,529 shares in the company, valued at approximately $5,007,122.14. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.50% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in Matrix Service during the 3rd quarter worth approximately $138,000. Brandywine Global Investment Management LLC purchased a new position in Matrix Service during the 4th quarter worth approximately $182,000. Brandes Investment Partners LP purchased a new position in Matrix Service during the 3rd quarter worth approximately $171,000. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Matrix Service during the 3rd quarter valued at $185,000. Finally, Macquarie Group Ltd. acquired a new stake in shares of Matrix Service during the 4th quarter valued at $236,000. Hedge funds and other institutional investors own 91.49% of the company’s stock.

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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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