MasTec (NYSE:MTZ) Releases FY 2024 Earnings Guidance

MasTec (NYSE:MTZ) updated its FY 2024 earnings guidance on Friday. 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MTZ shares. UBS Group lifted their target price 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. Robert W. Baird increased their target price on MasTec from $89.00 to $110.00 and gave the company a neutral rating in a report on Monday. TD Cowen raised their target price on MasTec from $105.00 to $110.00 and gave the stock a buy rating in a research report on Monday. DA Davidson reissued a buy rating and set a $70.00 price target on shares of MasTec in a research report on Monday, March 4th. Finally, The Goldman Sachs Group raised their price objective on MasTec from $54.00 to $61.00 and gave the stock a neutral rating in a research report on Friday, February 9th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $107.23.

MasTec Price Performance

Shares of MasTec stock traded up $4.08 during mid-day trading on Monday, reaching $105.88. 964,842 shares of the stock were exchanged, compared to its average volume of 925,587. The company has a market cap of $8.41 billion, a price-to-earnings ratio of -757.57 and a beta of 1.61. MasTec has a fifty-two week low of $44.65 and a fifty-two week 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 has a 50-day simple moving average of $87.95 and a 200 day simple moving average of $73.09.

MasTec (NYSE:MTZ) last posted its quarterly earnings results 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 analysts’ expectations of $3.26 billion. MasTec had a positive return on equity of 6.19% and a negative net margin of 0.09%. On average, sell-side analysts predict that MasTec will post 2.33 EPS 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.