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Devon Energy (DVN) Increases Yet Falls Behind Market: What Investors Need to Know
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The most recent trading session ended with Devon Energy (DVN - Free Report) standing at $42.77, reflecting a +0.35% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 0.76%. Meanwhile, the Dow gained 0.59%, and the Nasdaq, a tech-heavy index, added 1.12%.
Shares of the oil and gas exploration company have depreciated by 5.92% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.82% and the S&P 500's gain of 2.5%.
The upcoming earnings release of Devon Energy will be of great interest to investors. The company's earnings report is expected on February 27, 2024. The company is predicted to post an EPS of $1.39, indicating a 16.27% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $3.87 billion, indicating a 9.98% decline compared to the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 16.14% fall in the Zacks Consensus EPS estimate. Devon Energy is currently sporting a Zacks Rank of #5 (Strong Sell).
Valuation is also important, so investors should note that Devon Energy has a Forward P/E ratio of 7.97 right now. This denotes a discount relative to the industry's average Forward P/E of 8.42.
We can additionally observe that DVN currently boasts a PEG ratio of 0.16. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 0.66.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 249, this industry ranks in the bottom 2% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Devon Energy (DVN) Increases Yet Falls Behind Market: What Investors Need to Know
The most recent trading session ended with Devon Energy (DVN - Free Report) standing at $42.77, reflecting a +0.35% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 0.76%. Meanwhile, the Dow gained 0.59%, and the Nasdaq, a tech-heavy index, added 1.12%.
Shares of the oil and gas exploration company have depreciated by 5.92% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.82% and the S&P 500's gain of 2.5%.
The upcoming earnings release of Devon Energy will be of great interest to investors. The company's earnings report is expected on February 27, 2024. The company is predicted to post an EPS of $1.39, indicating a 16.27% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $3.87 billion, indicating a 9.98% decline compared to the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 16.14% fall in the Zacks Consensus EPS estimate. Devon Energy is currently sporting a Zacks Rank of #5 (Strong Sell).
Valuation is also important, so investors should note that Devon Energy has a Forward P/E ratio of 7.97 right now. This denotes a discount relative to the industry's average Forward P/E of 8.42.
We can additionally observe that DVN currently boasts a PEG ratio of 0.16. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 0.66.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 249, this industry ranks in the bottom 2% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.