MasTec (NYSE:MTZ) Updates Q2 Earnings Guidance

MasTec (NYSE:MTZ) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.88 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MTZ. TD Cowen upped their target price on shares of MasTec from $85.00 to $105.00 and gave the company an outperform rating in a report on Monday, March 4th. KeyCorp lifted their target price on shares of MasTec from $92.00 to $97.00 and gave the stock an overweight rating in a research note on Monday, March 4th. UBS Group increased their price target on MasTec from $89.00 to $92.00 and gave the stock a buy rating in a research note on Friday, February 2nd. Craig Hallum upgraded MasTec from a hold rating to a buy rating and raised their price objective for the stock from $50.00 to $96.00 in a report on Monday, March 4th. Finally, Truist Financial started coverage on MasTec in a research note on Thursday, March 14th. They issued a hold rating and a $96.00 target price for the company. 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 company presently has a consensus rating of Moderate Buy and a consensus target price of $96.85.

MasTec Stock Up 2.9 %

MasTec stock traded up $2.53 during midday trading on Thursday, reaching $90.95. The stock had a trading volume of 1,739,514 shares, compared to its average volume of 909,247. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.40 and a quick ratio of 1.36. The stock’s 50-day simple moving average is $86.96 and its 200 day simple moving average is $72.64. MasTec has a twelve month low of $44.65 and a twelve month high of $123.33.

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 analysts’ consensus estimates of $0.37 by $0.20. MasTec had a positive return on equity of 4.82% and a negative net margin of 0.42%. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Analysts forecast that MasTec will post 2.33 earnings per share for the current fiscal 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.