MasTec (NYSE:MTZ) Releases FY 2024 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 2.950-2.950 for the period, compared to the consensus estimate of 2.690. The company issued revenue guidance of $12.6 billion-$12.6 billion, compared to the consensus revenue estimate of $12.5 billion. MasTec also updated its Q2 2024 guidance to 0.880-0.880 EPS.

MasTec Stock Performance

MTZ stock traded up $4.06 during midday trading on Monday, hitting $105.86. 1,388,587 shares of the stock traded hands, compared to its average volume of 931,330. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.31 and a quick ratio of 1.27. The firm has a market cap of $8.41 billion, a P/E ratio of -757.57 and a beta of 1.61. MasTec has a 1-year low of $44.65 and a 1-year high of $123.33. The stock’s fifty day simple moving average is $87.95 and its 200-day simple moving average is $73.09.

MasTec (NYSE:MTZ) last posted its quarterly earnings data on Thursday, February 29th. The construction company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.20. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.26 billion. MasTec had a negative net margin of 0.09% and a positive return on equity of 6.19%. On average, analysts expect that MasTec will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

MTZ has been the topic of several research reports. UBS Group raised their price target on shares of MasTec from $89.00 to $92.00 and gave the stock a buy rating in a research note on Friday, February 2nd. TD Cowen raised their price target on shares of MasTec from $105.00 to $110.00 and gave the stock a buy rating in a research note on Monday. Truist Financial reissued a hold rating and issued a $109.00 price target (up from $96.00) on shares of MasTec in a research note on Monday. DA Davidson reaffirmed a buy rating and set a $70.00 target price on shares of MasTec in a research note on Monday, March 4th. Finally, Citigroup lifted their target price on shares of MasTec from $99.00 to $104.00 and gave the stock a buy rating in a research note on Monday, April 22nd. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $107.23.

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.