Jefferies took its Tenet Healthcare [THC] rating to the equivalent of Buy from Hold, and the price target to $60.0 from $18.5, in a research note dated 2021-01-08. That figure represents around a 34.02% premium from where the company’s shares closed on Thursday. Other analysts also revised their coverage, with Deutsche Bank’s analysts upgrading the shares from “a Hold” rating to “a Buy” rating in a research note to investors issued in mid December. Meanwhile, JP Morgan had lowered its rating on THC to “an Underweight” from the earlier “Neutral”, in a research note produced for clients September 21, 2020. In addition, there was an upgrade from RBC Capital Mkts on March 11, 2020. The rater changed THC from “a Sector perform” to “an Outperform”.
Is Tenet Healthcare Corporation [NYSE:THC] a Good Buy Right Now?
It should be noted that THC technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Tenet Healthcare Corporation’s Trend Spotter indicated that the signals were Strengthening. The stock current average is 1.21 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 1.16 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 1.24 million shares.
THC Price Performance
On Wall Street, Tenet Healthcare Corporation [NYSE:THC] finished Thursday’s session up 0.79% at $44.74. The stock went up to $45.43 at the same session while its lowest single day price was $43.59. In the last five days, it saw a rise of about 12.36%, Tenet Healthcare Corporation shares gained by almost 12.05% since the beginning of the year. However, the share price has dropped to as low as -3.14% below its one year high. On 01/06/21, the company shares recorded $46.19, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $38.03. The company’s shares have inclined by 21.68% in the past year. The 50-day SMA achieved is $34.64 while the 200-day SMA is $25.98. Volume dropped to 0.85 million from 1.87 million in the previous session.
THC Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 43.74 level, and in case of violation of this particular level, it will cause more drop to 42.75 level. On the upper level, 46.43 is still the key resistance. The stock may increase to the subsequent resistance at 45.58. The Relative Strength Index (RSI) pinned on the 14-day chart is 70.38, implying a overbought technical stance while the MACD stands at 2.67, meaning price will increase in the next trading period. Percent R indicator moved to 17.77%, implying bullish price movement. Stochastic %K at 77.88% suggest selling the stock.
What is the short interest in Tenet Healthcare Corporation?
Short interest in the Tenet Healthcare Corporation stock has surged, increasing by 1.71 million shares to total 5.65 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 7.36 million, data from Yahoo Finance shows. The decrease of -30.27% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 9.39% of the overall float for the stock.
Tenet Healthcare Corporation’s Biggest Shareholders: Who Owns Tenet Healthcare Corporation [THC]?
Filings by Glenview Capital Management LLC showed that the firm now holds a total of 18,258,810 shares or roughly 17.30% of the outstanding THC shares. This means their shares have reduced by -1,502,543 from the 18,258,810 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, The Vanguard Group, Inc. updated stake is worth $351,773,266. Details in the latest 13F filings reveal that BlackRock Fund Advisors disposed off their -4.10% stake valued at $331,686,133 while Harris Associates LP added theirs at $208,629,700. During the last quarter, BlackRock Fund Advisors liquidated -451,461 of its shares in Tenet Healthcare Corporation while Harris Associates LP bought 45,675 shares. The SSgA Funds Management, Inc.’s holdings currently number 3,330,320 shares at $148998516.8. According to the firm’s last 13F report, Letko, Brosseau & Associates Inc. shares in the company at filing stood at 2,504,965 shares, roughly $78,731,050.
THC Earnings Forecast For The Current Quarter
Tenet Healthcare Corporation [THC] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $4.86B and an earnings per share of $1 for Dec 2020. Looking further ahead, the company is expected to report revenue of $4.76B at an EPS of $0.52 for Mar 2021. The estimates represent upside of 8.80% and -29.39% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
THC Earnings Estimates For The Current Year
For the financial year, Tenet Healthcare Corporation [NYSE:THC] is expected to bring in revenue of $17.64B. The returns are nearly $-840.0 million lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 4.18, higher than that of FY19 by $1.5. Estimates put this year’s earnings growth at 56.00%, -29.20% for the next, and at an annual 17.33% over the next 5-year period. As for sales, forecasts are for a decrease of -4.60% in the current fiscal year and a further 8.80% over the following year.