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Devon Energy (DVN) Gains But Lags Market: What You Should Know
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In the latest trading session, Devon Energy (DVN - Free Report) closed at $53.01, marking a +0.61% move from the previous day. This change lagged the S&P 500's 2.14% gain on the day. At the same time, the Dow added 1.82%, and the tech-heavy Nasdaq lost 0.01%.
Heading into today, shares of the oil and gas exploration company had gained 0.82% over the past month, lagging the Oils-Energy sector's gain of 2.39% and outpacing the S&P 500's loss of 5.01% in that time.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. On that day, Devon Energy is projected to report earnings of $1.56 per share, which would represent year-over-year growth of 246.67%. Our most recent consensus estimate is calling for quarterly revenue of $3.63 billion, up 105.9% from the year-ago period.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $6.40 per share and revenue of $14.67 billion. These results would represent year-over-year changes of +81.3% and +23.06%, respectively.
It is also important to note the recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.44% higher. Devon Energy is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 8.23. This valuation marks a premium compared to its industry's average Forward P/E of 6.14.
We can also see that DVN currently has a PEG ratio of 0.16. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.29 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 55, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow DVN in the coming trading sessions, be sure to utilize Zacks.com.
View the Zacks #1 Rank List
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Devon Energy (DVN) Gains But Lags Market: What You Should Know
In the latest trading session, Devon Energy (DVN - Free Report) closed at $53.01, marking a +0.61% move from the previous day. This change lagged the S&P 500's 2.14% gain on the day. At the same time, the Dow added 1.82%, and the tech-heavy Nasdaq lost 0.01%.
Heading into today, shares of the oil and gas exploration company had gained 0.82% over the past month, lagging the Oils-Energy sector's gain of 2.39% and outpacing the S&P 500's loss of 5.01% in that time.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. On that day, Devon Energy is projected to report earnings of $1.56 per share, which would represent year-over-year growth of 246.67%. Our most recent consensus estimate is calling for quarterly revenue of $3.63 billion, up 105.9% from the year-ago period.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $6.40 per share and revenue of $14.67 billion. These results would represent year-over-year changes of +81.3% and +23.06%, respectively.
It is also important to note the recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.44% higher. Devon Energy is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 8.23. This valuation marks a premium compared to its industry's average Forward P/E of 6.14.
We can also see that DVN currently has a PEG ratio of 0.16. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.29 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 55, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow DVN in the coming trading sessions, be sure to utilize Zacks.com.