MasTec (NYSE:MTZ) Releases Q2 2024 Earnings Guidance

MasTec (NYSE:MTZ) updated its second quarter 2024 earnings guidance on Friday. 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

MasTec stock traded up $4.24 during mid-day trading on Monday, reaching $106.04. 694,944 shares of the company’s stock were exchanged, compared to its average volume of 922,828. The business’s fifty 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. The firm has a market capitalization of $8.43 billion, a PE ratio of -760.71 and a beta of 1.61. MasTec has a one year low of $44.65 and a one year high of $123.33.

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

Analyst Ratings Changes

A number of research firms recently weighed in on MTZ. DA Davidson restated a buy rating and issued a $70.00 target price on shares of MasTec in a research report on Monday, March 4th. Truist Financial reiterated a hold rating and issued a $109.00 price objective (up from $96.00) on shares of MasTec in a research report on Monday. Citigroup increased their price target on shares of MasTec from $99.00 to $104.00 and gave the stock a buy rating in a research note on Monday, April 22nd. The Goldman Sachs Group boosted their price target on MasTec from $54.00 to $61.00 and gave the stock a neutral rating in a research report on Friday, February 9th. Finally, KeyCorp boosted their price target on MasTec from $104.00 to $113.00 and gave the stock an overweight rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $105.15.

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.