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 stock traded up $4.12 during midday trading on Monday, hitting $105.92. The company’s stock had a trading volume of 891,446 shares, compared to its average volume of 925,178. The stock’s 50-day moving average price is $87.95 and its 200 day moving average price 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 1 year low of $44.65 and a 1 year high of $123.33. The stock has a market cap of $8.42 billion, a price-to-earnings ratio of -757.57 and a beta of 1.61.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, February 29th. The construction company reported $0.57 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.26 billion. On average, equities analysts forecast that MasTec will post 2.33 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on MTZ. DA Davidson reaffirmed a buy rating and set a $70.00 price target on shares of MasTec in a research report on Monday, March 4th. The Goldman Sachs Group upped their price target on MasTec from $54.00 to $61.00 and gave the company a neutral rating in a research report on Friday, February 9th. Robert W. Baird increased their price objective on MasTec from $89.00 to $110.00 and gave the stock a neutral rating in a report on Monday. Barclays increased their price objective on MasTec from $106.00 to $130.00 and gave the stock an overweight rating in a report on Monday. Finally, Truist Financial reissued a hold rating and set a $109.00 price objective (up previously from $96.00) on shares of MasTec in a report on Monday. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, MasTec currently has an average rating of Moderate Buy and an average 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.