Contractors are acutely aware that the mining investment boom has peaked and new projects are few and far between. Matrix Composites & Engineering is no exception, with the stock taking a 35 per cent battering in the past 12 months after completing a $36.7 million equity raising in May and reporting a net loss of $14.4 million for the 2012 financial year. The stock crashed to a three-year low of $1.50 per share on December 6, 2012, but has rebounded 28 per cent from that point, boosted by a series of new contract wins valued at $US56.3 million. JPMorgan has an “overweight" rating on the stock due to its exposure to oil and gas services, strong expected offshore demand for riser buoyancy products, a reduced cost base, full production capacity and potential future corporate activity. “We think Matrix is turning a corner with low net debt, a reduced cost base, no major capex needs and is one of the few small-cap stocks to offer investors pure offshore oil and gas services exposure," JP Morgan analyst Garry Sherriff said in a research note.