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Devon Energy (DVN) Outpaces Stock Market Gains: What You Should Know
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Devon Energy (DVN - Free Report) closed the most recent trading day at $65.76, moving +1.56% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.19%. Meanwhile, the Dow gained 0.76%, and the Nasdaq, a tech-heavy index, added 0.29%.
Coming into today, shares of the oil and gas exploration company had gained 3.58% in the past month. In that same time, the Oils-Energy sector gained 5.68%, while the S&P 500 gained 4.06%.
Devon Energy will be looking to display strength as it nears its next earnings release, which is expected to be February 14, 2023. The company is expected to report EPS of $1.86, up 33.81% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.78 billion, up 11.86% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Devon Energy. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 7.17% lower. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 7.9. This valuation marks a premium compared to its industry's average Forward P/E of 5.58.
It is also worth noting that DVN currently has a PEG ratio of 0.15. 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. DVN's industry had an average PEG ratio of 0.2 as of yesterday's close.
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 230, putting it in the bottom 9% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Devon Energy (DVN) Outpaces Stock Market Gains: What You Should Know
Devon Energy (DVN - Free Report) closed the most recent trading day at $65.76, moving +1.56% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.19%. Meanwhile, the Dow gained 0.76%, and the Nasdaq, a tech-heavy index, added 0.29%.
Coming into today, shares of the oil and gas exploration company had gained 3.58% in the past month. In that same time, the Oils-Energy sector gained 5.68%, while the S&P 500 gained 4.06%.
Devon Energy will be looking to display strength as it nears its next earnings release, which is expected to be February 14, 2023. The company is expected to report EPS of $1.86, up 33.81% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.78 billion, up 11.86% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Devon Energy. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 7.17% lower. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 7.9. This valuation marks a premium compared to its industry's average Forward P/E of 5.58.
It is also worth noting that DVN currently has a PEG ratio of 0.15. 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. DVN's industry had an average PEG ratio of 0.2 as of yesterday's close.
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 230, putting it in the bottom 9% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.