Why MasTec Shares Rocketed 23% Higher in August
Shares of infrastructure construction company MasTec (NYSE: MTZ) got a 22.5% boost in August, according to data provided by S&P Global Market Intelligence. The rise marks yet another strong month for the stock -- a move seemingly at odds with the rest of the industrial sector, with the catalyst being an excellent set of second-quarter earnings.
In a nutshell, MasTec's main end markets -- oil and gas pipelines and communications wireless network construction (AT&T is its single biggest customer, generating 23% of total revenue in 2018) -- are in good shape in 2019. Moreover, MasTec's other two smaller segments, namely power generation and industrial and electrical transmission, "performed above expectations," according to CEO Jose Mas on the earnings call.
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Source Fool.com
