Tenet Healthcare Selling Hospitals; Stock Surges

The equity is up over 30% in 2023

Laura McCandless

Deputy Editor

Nov 17, 2023 at 11:05 AM

The shares of Tenet Healthcare Corp (NYSE:THC) are surging today, after news that the company is selling three of its South Carolina hospitals for about $2.4 billion. At last glance, THC was up 10.7% to trade at $64.38, earlier as high as $66.24.

This gap higher has THC breaking above its 320-day moving average, though its 200-day trendline still lingers just above as pressure. Since the start of the year, the equity is up over 30%.

The stock's typically quiet options pits are seeing a bullish surge after the report. So far, 3,273 calls have been traded, which is five times the amount typically seen at this point. The November 60 call is the most popular contract, followed by the 67.50 call in that series.

Analysts are firmly optimistic on THC, with 15 of the 16 in coverage carrying a "buy" or better rating, and just one a tepid "hold." Plus, the 12-month consensus price target of $80.56 is a 26.7% premium to current levels.

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