Matrix Service Company (NASDAQ:MTRX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday.

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. “

A number of other brokerages have also issued reports on MTRX. TheStreet lowered shares of Matrix Service from a “c-” rating to a “d+” rating in a research note on Wednesday, May 24th. ValuEngine lowered shares of Matrix Service from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub upgraded shares of Matrix Service from a “sell” rating to a “hold” rating in a research note on Saturday, August 5th. Finally, KeyCorp reiterated a “hold” rating on shares of Matrix Service in a research note on Monday, August 28th. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock has a consensus rating of “Hold”.

Shares of Matrix Service (NASDAQ MTRX) traded up 1.39% during midday trading on Thursday, reaching $14.60. The company’s stock had a trading volume of 566,066 shares. Matrix Service has a 52 week low of $7.80 and a 52 week high of $23.45. The company has a 50 day moving average of $11.35 and a 200-day moving average of $11.83. The stock’s market capitalization is $388.36 million.

Matrix Service (NASDAQ:MTRX) last announced its earnings results on Wednesday, September 6th. The oil and gas company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $291.84 million during the quarter, compared to analysts’ expectations of $281.82 million. During the same period in the previous year, the company posted $0.34 earnings per share. Matrix Service’s quarterly revenue was down 18.9% on a year-over-year basis. Equities research analysts predict that Matrix Service will post $0.60 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: This report was published by American Banking News and is the sole property of of American Banking News. If you are accessing this report on another domain, it was stolen and reposted in violation of U.S. and international copyright and trademark laws. The correct version of this report can be accessed at https://www.americanbankingnews.com/2017/09/17/matrix-service-company-mtrx-lowered-to-strong-sell-at-zacks-investment-research.html.

Institutional investors have recently modified their holdings of the company. Mason Street Advisors LLC grew its position in Matrix Service by 7.3% during the first quarter. Mason Street Advisors LLC now owns 6,219 shares of the oil and gas company’s stock worth $103,000 after buying an additional 421 shares during the period. Envestnet Asset Management Inc. grew its position in Matrix Service by 4.2% during the first quarter. Envestnet Asset Management Inc. now owns 7,793 shares of the oil and gas company’s stock worth $129,000 after buying an additional 315 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Matrix Service during the first quarter worth about $159,000. Louisiana State Employees Retirement System grew its position in Matrix Service by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the oil and gas company’s stock worth $178,000 after buying an additional 100 shares during the period. Finally, Palouse Capital Management Inc. acquired a new position in Matrix Service during the first quarter worth about $183,000. Institutional investors and hedge funds own 85.55% 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, mining and minerals markets. The Company’s segments include Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial.

Get a free copy of the Zacks research report on Matrix Service (MTRX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Matrix Service Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Matrix Service Company and related companies with MarketBeat.com's FREE daily email newsletter.