It has been about a month since the last earnings report for Tenet Healthcare (THC). Shares have added about 6.9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Tenet due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Tenet Healthcare Q2 Earnings Beat Estimates, Rise Y/YTenet Healthcare delivered second-quarter 2020 adjusted net earnings of $1.26 per share. The Zacks Consensus Estimate was of a loss of 99 cents per share. Further, the bottom line soared 125% year over year, mainly owing to operational performance in its business segments and lower expenses.The company faces substantial declines in elective procedures during April followed by an improvement in May and June.Quarterly Operational UpdateNet operating revenues of $3.6 billion decreased 20% year over year due to weak contribution from Hospital operations, Ambulatory and Conifer segments. Moreover, the top line missed the Zacks Consensus Estimate by 4.8% due to volatility in monthly volumes.The company reported net income from continuing operations of $88 million, comparing favorably with the year-ago quarter’s net income of $24 million. In the quarter under review, adjusted EBITDA was $732 million, up 9.4% year over year.Operating expenses fell 12.1% year over year to $3.4 billion.Quarterly Segmental DetailsHospital & OtherNet operating revenues of the Hospital Operations and Other segment totaled $3.08 billion, down 19.3% year over year. This was due to the impact of coronavirus, which shrank patient volumes.On a same-hospital basis, net patient revenues were $2.83 billion, down 20.2% year over year.Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $492 million surged 37% year over year.AmbulatoryThe Ambulatory segment generated net operating revenues of $368 million in the second quarter, down 29.8% year over year.Additionally, the segment reported adjusted EBITDA of $167 million, down 19.3% year over year.ConiferConifer’s revenues dropped 14.1% from the prior-year quarter to $305 million. This was primarily due to client attrition as a result of hospital divestitures by both Tenet and other customers along with the COVID-19 adversity on volumes.The segment reported $73 million of adjusted EBITDA in the quarter under review, down 29.1% year over year.2020 OutlookThe company withdrew its full-year guidance in April due to the COVID-19 impact on the economy.Financial PositionAs of Jun 30, 2020, Tenet Healthcare had cash and cash equivalents of $3.3 billion, up from $262 million at 2019 end.The company exited the second quarter with $15.7 billion of long-term debt, up 7.9% from the level at 2019 end.At the end of the second quarter, net cash provided by operating activities was $2.4 billion compared with $294 million in the year-ago period. How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 182.78% due to these changes.VGM ScoresAt this time, Tenet has a great Growth Score of A, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Tenet has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tenet Healthcare Corporation (THC): Free Stock Analysis Report To read this article on Zacks.com click here.