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MasTec (MTZ) is an infrastructure construction company. The firm engages in engineering, building, installing, maintaining, and upgrading energy, communication, and utility infrastructure in North America. The company builds natural gas, crude oil, and refined product transport pipelines; underground and overhead distribution systems, including trenches, conduits, cable, and power lines, which provide wireless and wireline communications; electrical power generation, transmission, and distribution systems; renewable energy infrastructure comprising wind and solar farms; and compressor and pump stations, and treatment and heavy industrial plants. It installs buried and aerial fiber optic cables, coaxial cables, copper lines, electrical, and other energy distribution systems, transmission systems, and satellite dishes in various environments. In addition, the company provides maintenance and upgrade support services, such as maintenance of distribution facilities; networks and infrastructure, including natural gas and petroleum pipeline; and wireless and electrical distribution and transmission infrastructure. Further, it offers emergency services for accidents or storm damage. The company primarily serves utility, communications, and government industries.
The firm reported its quarterly results on August 3rd. The results were much better than expected. The report has propelled shares into a bullish "flag" formation. We are now hearing rumors of good news for this stock.
One of the rumors states that this stock will be named by the leading stock advisory service as one of its "top picks." This service is widely followed by mutual funds and institutional money managers. These investors have portfolios that mimic recommendations of this service. Their naming of the stock should lead to additional demand for the shares. Naming of the stock by this service, is expected to create added demand for the shares which should push the shares higher out of this bullish formation. Be sure to use a limit order and not a market order.
Stock's 52-week trading range: $12.86 - $22.72.
Shares last traded at: $18.50
Stop Loss: $17.57
Target Price: $20.35
MTZ has been in the porfolio for 30-days. We are closing the position with nearly 8% gain and moving to funds to another trade.
