MasTec (NYSE:MTZ) Updates Q2 2024 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 0.880-0.880 for the period, compared to the consensus earnings per share estimate of 0.890. The company issued revenue guidance of $3.1 billion-$3.1 billion, compared to the consensus revenue estimate of $3.2 billion. MasTec also updated its FY 2024 guidance to 2.950-2.950 EPS.

MasTec Stock Performance

MTZ traded up $3.90 on Monday, hitting $105.70. The company’s stock had a trading volume of 850,400 shares, compared to its average volume of 924,782. The company’s 50 day simple moving average is $87.95 and its 200-day simple moving average is $73.09. The company has a quick ratio of 1.27, a current ratio of 1.31 and a debt-to-equity ratio of 0.94. MasTec has a 12 month low of $44.65 and a 12 month high of $123.33. The firm has a market cap of $8.40 billion, a P/E ratio of -757.57 and a beta of 1.61.

MasTec (NYSE:MTZ) last released its quarterly earnings data on Thursday, February 29th. The construction company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.20. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.26 billion. Analysts forecast that MasTec will post 2.33 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Stifel Nicolaus lifted their price objective on MasTec from $100.00 to $120.00 and gave the company a buy rating in a research note on Monday. UBS Group increased their price target on shares of MasTec from $89.00 to $92.00 and gave the stock a buy rating in a report on Friday, February 2nd. Robert W. Baird raised their price target on MasTec from $89.00 to $110.00 and gave the company a neutral rating in a research report on Monday. KeyCorp upped their target price on MasTec from $104.00 to $113.00 and gave the stock an overweight rating in a research note on Monday. Finally, Truist Financial reissued a hold rating and set a $109.00 price target (up from $96.00) on shares of MasTec in a research note on Monday. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $107.23.

MasTec Company Profile

MasTec, Inc, an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for communications, energy, utility, and other infrastructure primarily in the United States and Canada. It operates through five segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other.