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Devon Energy (DVN) Gains As Market Dips: What You Should Know
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In the latest trading session, Devon Energy (DVN - Free Report) closed at $28.97, marking a +0.94% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.35%.
Prior to today's trading, shares of the oil and gas exploration company had lost 0.97% over the past month. This has was narrower than the Oils-Energy sector's loss of 3.14% and lagged the S&P 500's gain of 3.36% in that time.
DVN will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2021. On that day, DVN is projected to report earnings of $0.49 per share, which would represent year-over-year growth of 372.22%. Meanwhile, our latest consensus estimate is calling for revenue of $2.34 billion, up 493.66% from the prior-year quarter.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $2.38 per share and revenue of $9.3 billion. These results would represent year-over-year changes of +2744.44% and +92.7%, respectively.
It is also important to note the recent changes to analyst estimates for DVN. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 9.6% higher. DVN is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note DVN's current valuation metrics, including its Forward P/E ratio of 12.08. For comparison, its industry has an average Forward P/E of 10.3, which means DVN is trading at a premium to the group.
Also, we should mention that DVN has a PEG ratio of 0.39. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.59 at yesterday's closing price.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 25, which puts it in the top 10% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Devon Energy (DVN) Gains As Market Dips: What You Should Know
In the latest trading session, Devon Energy (DVN - Free Report) closed at $28.97, marking a +0.94% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.35%.
Prior to today's trading, shares of the oil and gas exploration company had lost 0.97% over the past month. This has was narrower than the Oils-Energy sector's loss of 3.14% and lagged the S&P 500's gain of 3.36% in that time.
DVN will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2021. On that day, DVN is projected to report earnings of $0.49 per share, which would represent year-over-year growth of 372.22%. Meanwhile, our latest consensus estimate is calling for revenue of $2.34 billion, up 493.66% from the prior-year quarter.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $2.38 per share and revenue of $9.3 billion. These results would represent year-over-year changes of +2744.44% and +92.7%, respectively.
It is also important to note the recent changes to analyst estimates for DVN. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 9.6% higher. DVN is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note DVN's current valuation metrics, including its Forward P/E ratio of 12.08. For comparison, its industry has an average Forward P/E of 10.3, which means DVN is trading at a premium to the group.
Also, we should mention that DVN has a PEG ratio of 0.39. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.59 at yesterday's closing price.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 25, which puts it in the top 10% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.