Why MasTec Stock Is Gaining Ground Today
Construction company (NYSE: MTZ) is feeling good about the new year after enduring a rough 2023. The upbeat talk has investors buying in, sending shares of MasTec up 12% as of 11 a.m. ET.
MasTec is a construction and engineering company focused on large infrastructure projects, energy, and communications construction. The company earned $0.66 per share in the fourth quarter on revenue of $3.3 billion, surpassing Wall Street expectations for $0.44 per share in earnings on $3.25 billion in sales.
The quarter ends what was a tough year on a high note. MasTec shares plunged back in November after the company said customer delays on big-ticket energy and infrastructure projects had caused it to miss top- and bottom-line estimates. Revenue was up 9% year over year in the quarter, and the company generated nearly $500 million in cash in the final three months of the year.
Source Fool.com
Mastec Inc. Stock
The stock is an absolute favorite of our community with 21 Buy predictions and no Sell predictions.
With a target price of 97 € there is a slightly positive potential of 19.02% for Mastec Inc. compared to the current price of 81.5 €.
