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 (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.

Analysts Set New Price Targets

MTZ has been the topic of a number of recent research reports. DA Davidson restated a buy rating and issued a $70.00 target price on shares of MasTec in a research note on Monday, March 4th. The Goldman Sachs Group upped their price objective on MasTec from $54.00 to $61.00 and gave the stock a neutral rating in a research report on Friday, February 9th. Truist Financial reaffirmed a hold rating and set a $109.00 target price (up from $96.00) on shares of MasTec in a report on Monday. KeyCorp increased their price target on shares of MasTec from $104.00 to $113.00 and gave the stock an overweight rating in a report on Monday. Finally, Craig Hallum lifted their price objective on shares of MasTec from $96.00 to $125.00 and gave the company a buy rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $105.15.

MasTec Price Performance

NYSE:MTZ traded up $4.24 during trading hours on Monday, hitting $106.04. 694,944 shares of the stock were exchanged, compared to its average volume of 922,828. The firm’s fifty day moving average price is $87.95 and its 200 day moving average price is $73.09. MasTec has a 52-week low of $44.65 and a 52-week high of $123.33. The company has a market cap of $8.43 billion, a P/E ratio of -760.71 and a beta of 1.61. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 0.94.

MasTec (NYSE:MTZ) last issued 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. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.26 billion. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. As a group, equities research analysts anticipate that MasTec will post 2.33 EPS for the current fiscal year.

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.