Why Tenet Healthcare Shares Are Up Today

Shares of Tenet Healthcare Corp THC are rising today following a better-than-expected second-quarter earnings report.

Why It Is Moving?

The healthcare company on Thursday reported second-quarter earnings per share of $1.50, which beat analyst expectations of $1.05.

The company reported revenues of $4.638 billion, which came in slightly lower than the $4.82 billion estimate. 

Tenet guided 2022 net operating revenues of $19 billion to $19.4 billion and reaffirmed its adjusted EBITDA outlook of $3.375 billion to $3.575 billion.

"We demonstrated resilience in the face of a disruptive cyber attack and discipline through challenging market conditions. The ongoing diversification of Tenet driven by our capital efficient ambulatory expansion is a key differentiator that presents compelling opportunities for growth in earnings and free cash flows," said Saum Sutaria, M.D., Chief Executive Officer of Tenet.

Price Target: The stock is trading 14.2% higher at $68.02 during today’s pre market session, according to data from Benzinga Pro.