MasTec spikes higher after FERC authorized MVP project to resume
Shares of infrastructure construction company MasTec (MTZ) are higher in afternoon trading after Terry Turpin, Director of FERC's Office of Energy Projects, issued a letter authorizing the Mountain Valley pipeline, MVP, project to resume construction between mileposts 77 and 303. Turpin said the "specific route of the project no longer seems in question." EARLIER FERC RULING: Earlier in August, MasTec announced that the Federal Energy Regulatory Commission issued a temporary stop work order for the Mountain Valley Pipeline, MVP, project late on Friday afternoon, August 3, related to the adequacy of permits previously issued by the Bureau of Land Management and the U.S. Forest Service. In the past ruling, the FERC had ordered that construction activities on the MVP temporarily stop while the permit issues are resolved. PRICE ACTION: Shares of MasTec are up almost 3% to $43.75 in afternoon trading.