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TULSA - Matrix Service Company (NASDAQ:MTRX) announced Thursday it has been awarded a contract from Delaware River Partners for balance of plant construction work supporting a 100,000 cubic meter dual-purpose storage tank at the Repauno Port and Rail Terminal. The $438 million market cap company has seen its stock surge nearly 30% over the past six months, trading near its 52-week high of $16.11, according to InvestingPro data.
The contract, which was added to Matrix's backlog in the first quarter of fiscal 2026, follows a previous award for the inner steel tank construction made in fiscal 2025. The storage tank will be capable of holding either liquid ammonia or liquid propane gas (LPG).
The project is part of the ongoing development of the Repauno Port and Rail Terminal, which aims to serve growing export demand for natural gas liquids (NGLs). According to the company, the expansion will allow Delaware River Partners to increase operational flexibility at the facility.
"We are extremely pleased to continue our work supporting the build-out of this critical infrastructure," said Matrix President and CEO John R. Hewitt in a press release statement.
The project is expected to create up to 300 local construction jobs and contribute to the transformation of the Delaware River industrial corridor into a hub for infrastructure and logistics.
Hank Alexander, CEO of Delaware River Partners, stated that the project "will serve as a significant catalyst for enhancing access to domestic and international markets."
Matrix Service Company provides engineering and construction services across multiple markets with operations in the United States, Canada, Australia, and South Korea. The company reports financial results in three segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities.
In other recent news, Matrix Service Company reported its fourth-quarter fiscal results for 2025, which did not meet analyst expectations. The company posted an earnings per share (EPS) of -$0.28, significantly below the anticipated $0.33. Additionally, revenue came in at $216.4 million, missing the forecasted $286.3 million. These results have raised concerns among investors. Following the earnings report, DA Davidson adjusted its price target for Matrix Service from $18 to $17, although it maintained a Buy rating on the stock. The revision reflects the company's recent financial performance. These developments highlight the challenges Matrix Service is currently facing.
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