MasTec (NYSE:MTZ) Updates FY24 Earnings Guidance

MasTec (NYSE:MTZ) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.95 for the period, compared to the consensus estimate of $2.65. The company issued revenue guidance of approx. $12.55 billion, compared to the consensus revenue estimate of $12.51 billion. MasTec also updated its Q2 guidance to $0.88 EPS.

Analyst Ratings Changes

Several analysts have issued reports on MTZ shares. Truist Financial began coverage on MasTec in a research note on Thursday, March 14th. They issued a hold rating and a $96.00 target price on the stock. Robert W. Baird lifted their price objective on MasTec from $70.00 to $89.00 and gave the company a neutral rating in a research note on Monday, March 4th. Craig Hallum upgraded MasTec from a hold rating to a buy rating and boosted their target price for the stock from $50.00 to $96.00 in a research report on Monday, March 4th. TD Cowen raised their price target on MasTec from $85.00 to $105.00 and gave the company an outperform rating in a report on Monday, March 4th. Finally, Citigroup boosted their price objective on MasTec from $99.00 to $104.00 and gave the stock a buy rating in a report on Monday, April 22nd. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $96.85.

MasTec Stock Up 2.9 %

MTZ traded up $2.53 during trading on Thursday, hitting $90.95. 1,739,514 shares of the stock traded hands, compared to its average volume of 909,247. The firm has a 50-day moving average of $86.96 and a 200 day moving average of $72.64. MasTec has a 12-month low of $44.65 and a 12-month high of $123.33. 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 (NYSE:MTZ) last issued its quarterly earnings data on Thursday, February 29th. The construction company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.20. The firm had revenue of $3.28 billion for 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%. Research analysts anticipate that MasTec will post 2.33 earnings per share for the current 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.