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 Price Performance

Shares of MasTec stock traded up $4.24 during trading on Monday, hitting $106.04. 757,078 shares of the stock traded hands, compared to its average volume of 923,611. The firm’s fifty day moving average is $87.95 and its 200-day moving average is $73.09. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of -757.57 and a beta of 1.61. MasTec has a 52 week low of $44.65 and a 52 week high of $123.33. 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 (NYSE:MTZ) last issued its earnings results on Thursday, February 29th. The construction company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.20. The firm 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%. Research analysts expect that MasTec will post 2.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MTZ shares. DA Davidson reissued a buy rating and set a $70.00 price target on shares of MasTec in a research report on Monday, March 4th. TD Cowen upped their price target on MasTec from $105.00 to $110.00 and gave the stock a buy rating in a research note on Monday. The Goldman Sachs Group lifted their price objective on MasTec from $54.00 to $61.00 and gave the company a neutral rating in a research note on Friday, February 9th. Citigroup increased their target price on MasTec from $99.00 to $104.00 and gave the stock a buy rating in a research note on Monday, April 22nd. Finally, UBS Group lifted their price target on MasTec from $89.00 to $92.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $107.23.

About MasTec

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.