Zacks Investment Research upgraded shares of Matrix Service (NASDAQ:MTRX) from a hold rating to a buy rating in a research note released on Saturday morning. The firm currently has $24.00 target price on the oil and gas company’s stock.
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 Matrix Service from a strong-buy rating to a buy rating in a report on Saturday, November 3rd.
Matrix Service stock opened at $22.25 on Friday. The company has a market cap of $603.12 million, a price-to-earnings ratio of 148.33 and a beta of 1.23. Matrix Service has a 52-week low of $13.00 and a 52-week high of $25.75.
Matrix Service (NASDAQ:MTRX) last issued its earnings results on Wednesday, November 7th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. Matrix Service had a positive return on equity of 1.12% and a negative net margin of 1.14%. The company had revenue of $318.50 million for the quarter, compared to analysts’ expectations of $294.82 million. During the same period last year, the business earned $0.14 EPS. Matrix Service’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Matrix Service will post 1.01 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its holdings in shares of Matrix Service by 2,694.8% in the 4th quarter. Advisors Asset Management Inc. now owns 1,621 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 1,563 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Matrix Service by 78.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 7,303 shares of the oil and gas company’s stock worth $134,000 after purchasing an additional 3,211 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Matrix Service by 195.3% in the 3rd quarter. Pacer Advisors Inc. now owns 5,936 shares of the oil and gas company’s stock worth $146,000 after purchasing an additional 3,926 shares in the last quarter. Ibex Investors LLC bought a new position in shares of Matrix Service in the 3rd quarter worth $204,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Matrix Service by 13.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,900 shares of the oil and gas company’s stock worth $213,000 after purchasing an additional 1,400 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.
About Matrix Service
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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