MasTec (MTZ) has gained momentum in recent weeks following a stronger than expected earnings report in August. The Florida based firm reported net income of $1.58 per share. This compared with analyst estimates of $1.12. The results exceeded Wall Street expectations.
Shares in Mastec (MTZ) have rallied from $50 in August to where they are now, $67.85 at the time of writing, and are starting to look overbought. When running a screener using the relative strength index (RSI), Mastec (MTZ) stock price appears overbought as well as having reached a resistance level.
The chart below suggests possible resistance at current levels as well as at around $77, meaning the potential for further upside.
The 14 day RSI (Relative Strength Index) is currently at 71. See the chart below. This is considered to be overbought and may signal an easing of the share price. It is worth bearing in mind the firm is set to release 3rd quarter earnings on October 31.
Shares have risen 57% in the last 12 months and currently command a P/E Ratio of 17 and market capitalization of $5.18bn.
The firm has set a date for 3rd quarter earnings to be on October 31, 2019. MasTec (MTZ) anticipates earnings-per-share to be $1.62. The business also expects full-year earnings per share to be $5.04.
MasTec (MTZ) shares had well since the start of the year, prior to the August earnings statement. The shares have increased 24% since the beginning of the year up to the August earning results. Following the results, shares have powered even higher, bringing the last 12-month performance to 57%.
MasTec (MTZ) is an infrastructure construction company. The Company operates the US in a wide range of industries. MasTec operates through five main divisions: Oil and Gas, Communications, Power Generation, Electrical Transmission and Industrial, and Other. Primary business activities include engineering, building, installation, and ongoing maintenance of energy and utility infrastructure, communications, and customer fulfillment activities. This includes petroleum and natural gas pipeline infrastructure, electrical utility transmission and distribution, conventional and renewable power generation, and industrial infrastructure. The firm owns the MasTec service trademark and operates across over 500 locations.
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Danny Deegan is the owner and proprietor of stocktipsguru.com. Born in the UK, currently working within financial services with an emphasis on equity investments.