MasTec (NYSE:MTZ) Issues Q2 2024 Earnings Guidance

MasTec (NYSE:MTZ) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 0.880-0.880 for the period, compared to the consensus 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.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. KeyCorp boosted their price objective on MasTec from $104.00 to $113.00 and gave the stock an overweight rating in a research note on Monday. TD Cowen lifted their target price on shares of MasTec from $105.00 to $110.00 and gave the stock a buy rating in a research note on Monday. The Goldman Sachs Group boosted their target price on shares of MasTec from $54.00 to $61.00 and gave the company a neutral rating in a report on Friday, February 9th. UBS Group lifted their price target on shares of MasTec from $89.00 to $92.00 and gave the company a buy rating in a research report on Friday, February 2nd. Finally, B. Riley increased their price objective on MasTec from $104.00 to $120.00 and gave the stock a buy rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $107.23.

MasTec Stock Up 3.8 %

Shares of MTZ traded up $3.90 during midday trading on Monday, hitting $105.70. The company 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 debt-to-equity ratio of 0.94, a quick ratio of 1.27 and a current ratio of 1.31. MasTec has a 1 year low of $44.65 and a 1 year high of $123.33. The firm has a market capitalization of $8.40 billion, a P/E ratio of -757.57 and a beta of 1.61.

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

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.