NEW YORK (TheStreet) -- Shares of Matrix Service (MTRX) - Get Matrix Service Company Report were spiking 15.62% to $18.58 on heavy trading volume late Wednesday afternoon after the company posted better-than-expected results for the 2016 fiscal fourth quarter.
After yesterday's closing bell, the Tulsa, OK-based energy services company reported earnings of 34 cents per diluted share, above analysts' estimates of 30 cents per share.
Revenue for the period was $359.6 million, topping Wall Street's forecasts of $338.4 million.
"Despite continued market pressure on our customers as a result of current commodity pricing, our financial performance in this quarter provided a strong close to the fiscal year," CEO John Hewitt said in a statement.
For fiscal 2017, Matrix sees earnings per share between $1.10 and $1.40 on revenue of $1.3 billion to $1.45 billion. Analysts are projecting earnings of $1.30 per share on revenue of $1.35 billion for the full year.
Matrix provides engineering, fabrication, construction, repair and maintenance services to the electrical infrastructure, oil, gas and chemical, storage solutions and industrial markets.
More than 1.01 million of the company's shares changed hands so far today vs. its average 30-day volume of 173,510 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels.
But the team also finds weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MTRX