The stock of Tenneco Inc. (NYSE:TEN) is now priced at $9.34 and the shares are 1.17 points up or 14.32% higher compared to its previous closing price of $8.17. The stock had 3.854 million contracts set over the past session. TEN shares’ daily volume is compared to its average trading volume at 1.546 million shares. However, it has a float of 59.58 million and although its performance was 20.36% over the week, it’s one to watch. Analysts have given the TEN stock a yearly average price target of $7 per share. It means the stock’s downside potential is -25.05% with the TEN share price recently placing at $8.43 to $9.42. However, some brokerage firms have priced the stock below the average, including one that has called $2.
The shorts are running away from the Tenneco Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the TEN shares have declined. Short interest in the stock represents just 9.7% of its float, but the volume has dropped by 0.
In the last trading session, Tenneco Inc. (NYSE:TEN) raised by $1.58 over the week and gained $2.54 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.29. The stock recorded its established 52-week high on 11/05/19.
Since 04/03/20, the stock has traded to a low of $2.21 at 322.62%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.93. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Tenneco Inc.’s two-week RSI is 64.06. This suggests that the stock is neutral at the moment and that TEN shares’ price movement remains stable. The stochastic readings are equally revealing at 61.63% meaning the TEN share price is currently in neutral territory.
The technical chart shows that the TEN stock will likely settle at between $9.7 and $10.05 per share. However, if the stock dips below $8.71, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.07.
Currently, the stock is trading in the green of MACD, with a reading of 0.3. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at JP Morgan cut their recommendation for TEN from Overweight to Neutral in April 02 review while maintai their target price of $5. Morgan Stanley analysts downgraded their recommendation of the stock from Equal-Weight to Underweight while keeping its target price at $2 in a flash note released to investors on March 30. Morgan Stanley seeing the improvements upgraded the stock from Underweight to Equal-Weight on August 14, placing it at $9.
The average rating for the TEN equity is 3.17 and is currently gathering a bearish momentum. Of 6 analysts tracking Tenneco Inc. polled by Reuters, 5 rated TEN as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the TEN stock price is 7.31X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Tenneco Inc. (NYSE:TEN) will increase by about 42.21%, which will see them reach $3750 million. The company’s full-year revenues are, however, expected to diminish by about -20.11%, down from $17450 million to $13940 million. TEN’s expected adjusted earnings should drop almost -88.62% to end up at $0.14 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -204.66% to record -$3.37/share.