MasTec (NYSE:MTZ) Issues Q2 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.88 for the period, compared to the consensus EPS estimate of $0.89. The company issued revenue guidance of approx. $3.1 billion, compared to the consensus revenue estimate of $3.16 billion. MasTec also updated its FY24 guidance to $2.95 EPS.

MasTec Stock Up 2.9 %

NYSE MTZ traded up $2.53 on Thursday, reaching $90.95. 1,739,514 shares of the company’s stock traded hands, compared to its average volume of 909,247. The stock has a 50 day moving average price of $86.96 and a 200-day moving average price of $72.64. The company has a current ratio of 1.40, a quick ratio of 1.36 and a debt-to-equity ratio of 1.06. MasTec has a fifty-two week low of $44.65 and a fifty-two week high of $123.33.

MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, February 29th. The construction company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.20. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.26 billion. MasTec had a positive return on equity of 4.82% and a negative net margin of 0.42%. On average, equities analysts forecast that MasTec will post 2.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MTZ. TD Cowen boosted their price target on shares of MasTec from $85.00 to $105.00 and gave the stock an outperform rating in a report on Monday, March 4th. The Goldman Sachs Group boosted their target price on shares of MasTec from $54.00 to $61.00 and gave the stock a neutral rating in a research note on Friday, February 9th. Truist Financial began coverage on shares of MasTec in a research note on Thursday, March 14th. They issued a hold rating and a $96.00 price target on the stock. Barclays lifted their price objective on MasTec from $55.00 to $106.00 and gave the stock an overweight rating in a report on Tuesday, March 5th. Finally, Craig Hallum raised MasTec from a hold rating to a buy rating and increased their target price for the company from $50.00 to $96.00 in a report on Monday, March 4th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $96.85.

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.