Matrix Service (NASDAQ:MTRX) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Matrix Service (NASDAQ:MTRX) from a strong sell rating to a sell rating in a research report released on Friday morning, BidAskClub reports.

A number of other analysts have also recently issued reports on MTRX. Zacks Investment Research cut Matrix Service from a hold rating to a sell rating in a research report on Saturday, July 27th. ValuEngine cut Matrix Service from a hold rating to a sell rating in a research report on Thursday.

Shares of MTRX traded down $0.34 during mid-day trading on Friday, reaching $17.99. The company’s stock had a trading volume of 258 shares, compared to its average volume of 104,359. Matrix Service has a 12-month low of $15.43 and a 12-month high of $25.75. The firm has a market capitalization of $491.37 million, a PE ratio of 119.87 and a beta of 1.05. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The firm’s 50 day moving average price is $19.29.

Matrix Service (NASDAQ:MTRX) last announced its earnings results on Wednesday, May 8th. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. The firm had revenue of $358.89 million during the quarter, compared to analysts’ expectations of $347.85 million. Matrix Service had a return on equity of 4.93% and a net margin of 0.04%. The business’s revenue was up 46.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.19) EPS. Sell-side analysts forecast that Matrix Service will post 0.97 EPS for the current fiscal year.

In other news, VP Kevin S. Cavanah sold 14,505 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $21.15, for a total transaction of $306,780.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Harry Miller sold 1,825 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $22.25, for a total value of $40,606.25. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of Matrix Service by 1.0% during the fourth quarter. Bank of New York Mellon Corp now owns 366,972 shares of the oil and gas company’s stock worth $6,583,000 after acquiring an additional 3,609 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Matrix Service by 9.5% during the fourth quarter. Geode Capital Management LLC now owns 397,054 shares of the oil and gas company’s stock valued at $7,123,000 after purchasing an additional 34,544 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Matrix Service by 5.3% during the fourth quarter. Principal Financial Group Inc. now owns 230,151 shares of the oil and gas company’s stock valued at $4,129,000 after purchasing an additional 11,496 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Matrix Service by 109.5% during the fourth quarter. Bank of America Corp DE now owns 45,387 shares of the oil and gas company’s stock valued at $814,000 after purchasing an additional 23,724 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of Matrix Service by 413.8% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,086 shares of the oil and gas company’s stock worth $181,000 after buying an additional 8,123 shares during the period. 93.33% 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, 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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