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MTZ · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is MasTec, Inc. (MTZ) stock moving?
MasTec's Q3 2026 print beat expectations on revenue ($5.2B, up 30%), Adjusted EBITDA ($486M) and Adjusted EPS ($2.96 vs $2.95 est), and the record $24.5B backlog (up 46% year over year, led by 74% growth in Power Delivery) supports the medium-term story. Guidance was mixed: full-year sales were raised to $18.3B, but GAAP EPS was cut to $5.69-$6.01 and the adjusted EPS range was widened to $8.92-$9.30, with the low end below the prior $9.30. Management cited permitting delays that left Pipeline crews underutilized and a Communications slowdown as margin headwinds, with cost actions expected to help only in 2027. Price action has been volatile: the stock peaked near $198 on Nov 3, fell about 15% on Nov 4 as acquisition talks were suspended in favor of a $250M buyback, and touched a $147.49 intraday low on Nov 5. It rebounded to $189.05 on Nov 9 and closed at $180.84 on Nov 10. Volume was heavy from Oct 30 to Nov 6 (2.4M-3.8M shares a day) and has eased to 1.26M on Nov 10. Analysts still rate the stock Buy or Overweight, but every listed target was cut and the lowest is $269, about 49% above the Nov 10 close. The Gritt AI partnership and Nimbus commercial operations are incremental positives rather than major drivers.
News behind the analysis
- Gritt and MasTec Partner to Bring Physical AI to Renewable Energy Construction SitesMasTec agreed to deploy Gritt's AI-powered systems across its renewable energy projects to improve safety and productivity. The terms and financial impact were not disclosed in the items reviewed.
- Piper Sandler Adjusts MasTec Price Target to $269Piper Sandler kept its Overweight rating but cut its price target from $313 to $269. The new target is the lowest among the brokers listed in the news.
- MasTec Management to Present at the Baird 2026 Global Industrial ConferenceSenior management will take part in a fireside chat at the Baird 2026 Global Industrial Conference on November 10, 2026.
- MasTec Renewables Completes Construction of Nimbus Wind FarmMasTec Renewables was general contractor for the 183 MW Nimbus Wind Farm in Arkansas, which has reached commercial operations and supports Microsoft's clean energy portfolio.
- MasTec Suspends Acquisition Negotiations to Prioritize Share RepurchasesMasTec suspended late-stage talks for a large acquisition and will focus on buybacks under its existing $250 million board authorization. The stock fell sharply in the following two sessions.
- MasTec Suspends Talks For Proposed Acquisition Opportunity To Prioritize $250M Stock Buyback PlanBenzinga reports the same decision to halt acquisition talks in favor of the $250 million share buyback plan.
- Mizuho Securities Adjusts MasTec Price TargetMizuho kept its Buy rating and lowered its price target to $338 from $352.
- Truist Securities Adjusts Price Target on MasTec to $332 From $380, Keeps Buy RatingTruist kept its Buy rating and cut its price target to $332 from $380.
- Cantor Fitzgerald Maintains Overweight on MasTec, Lowers Price Target to $270Cantor Fitzgerald kept its Overweight rating and lowered its price target to $270.
- MasTec Reports Third Quarter 2026 Financial Results and Updates Full Year 2026 GuidanceThird-quarter revenue reached $5.2 billion, up 30% year over year, with $486 million of Adjusted EBITDA and a record $24.5 billion backlog. Full-year GAAP EPS guidance was lowered to $5.69-$6.01, while revenue guidance was raised to $18.3 billion.
About MasTec, Inc.
MasTec is a large US infrastructure contractor based in Florida. It builds and maintains power lines, pipelines, renewable and gas power plants, data-center facilities and telecom networks, and has more than 42,000 employees. It is one of the biggest specialty contractors serving utilities, energy companies and telecom carriers, and in Q3 2026 it reported a record backlog of about $24.5 billion.
How it makes money
MasTec earns fees for engineering, construction and maintenance work. Some comes from one-off projects and some from multi-year master service agreements (long-term contracts covering repeat work for a customer). It reports four main segments. Power Delivery covers transmission and distribution lines, and it grew quickly after the roughly $1.6 billion purchase of Superior Group, which builds electrical systems for data centers and other mission-critical sites. Clean Energy and Infrastructure covers wind, solar, gas power plants and civil and data-center projects. Pipeline Infrastructure builds and maintains oil and gas pipelines. Communications, mostly wireless and fiber networks, made up just under 15% of revenue in the second half of 2026. Quarterly revenue was about $5.2 billion in Q3 2026.
What usually moves MTZ
- Utility spending on power grids and transmission
- Data-center and AI-related power demand
- Natural gas pipeline permitting and project timing
- Renewable and gas power-generation build-out
- Telecom carrier capital spending