MasTec (NYSE:MTZ) Updates 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 guidance of 2.950-2.950 for the period, compared to the consensus earnings per share 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 Up 3.9 %

Shares of NYSE:MTZ traded up $4.02 during trading on Monday, reaching $105.82. The stock had a trading volume of 1,388,587 shares, compared to its average volume of 931,330. The company has a market capitalization of $8.41 billion, a P/E ratio of -757.57 and a beta of 1.61. MasTec has a one year low of $44.65 and a one year high of $123.33. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 0.94. The firm’s 50-day simple moving average is $87.95 and its 200 day simple moving average is $73.09.

MasTec (NYSE:MTZ) last released its earnings results on Thursday, February 29th. The construction company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.20. The company 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%. As a group, research analysts expect that MasTec will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MTZ shares. The Goldman Sachs Group boosted their price target on MasTec from $54.00 to $61.00 and gave the company a neutral rating in a report on Friday, February 9th. UBS Group upped their price target on shares of MasTec from $89.00 to $92.00 and gave the stock a buy rating in a research report on Friday, February 2nd. DA Davidson reiterated a buy rating and set a $70.00 price objective on shares of MasTec in a research note on Monday, March 4th. Stifel Nicolaus lifted their price target on MasTec from $100.00 to $120.00 and gave the stock a buy rating in a research note on Monday. Finally, Robert W. Baird raised their price objective on MasTec from $89.00 to $110.00 and gave the company a neutral rating in a report on Monday. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average 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.