Devon Energy Corporation (DVN Quick QuoteDVN - Free Report) is an independent oil and natural gas exploration and production company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on DVN’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Devon Energy could be a solid choice for investors.

Current Quarter Estimates for DVN

In the past 30 days, 2 estimates have gone higher for Devon Energy, while 2 have gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing down from a loss of 33 cents a share 30 days ago, to a loss of 29 cents per share today, a move of 13.8%.

Current Year Estimates for DVN

Meanwhile, Devon Energy’s current year figures are also looking quite promising, with 4 estimates moving higher in the past month, compared to 2 lower. The consensus estimate trend has also seen a boost for this time frame, narrowing down from a loss of $1.30 per share 30 days ago to a loss of $1.13 per share today, an increase of 15%.

DEVON ENERGY Price and Consensus

DEVON ENERGY Price and Consensus | DEVON ENERGY Quote

Bottom Line

The stock has also started to move higher lately, adding 7.9% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future.

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