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Devon Energy (DVN) Stock Moves -0.89%: What You Should Know
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Devon Energy (DVN - Free Report) ended the recent trading session at $53.42, demonstrating a -0.89% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 1.46%. Meanwhile, the Dow lost 1.24%, and the Nasdaq, a tech-heavy index, lost 1.63%.
Shares of the oil and gas exploration company witnessed a gain of 12.62% over the previous month, beating the performance of the Oils-Energy sector with its gain of 8.14% and the S&P 500's gain of 1.6%.
The upcoming earnings release of Devon Energy will be of great interest to investors. The company's earnings report is expected on May 1, 2024. The company is predicted to post an EPS of $1.10, indicating a 24.66% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $3.6 billion, down 5.8% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.02 per share and a revenue of $15.06 billion, signifying shifts of -12.08% and -1.31%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Devon Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.03% increase. Currently, Devon Energy is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Devon Energy is presently trading at a Forward P/E ratio of 10.74. This indicates a discount in contrast to its industry's Forward P/E of 11.25.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 216, this industry ranks in the bottom 15% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Devon Energy (DVN) Stock Moves -0.89%: What You Should Know
Devon Energy (DVN - Free Report) ended the recent trading session at $53.42, demonstrating a -0.89% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 1.46%. Meanwhile, the Dow lost 1.24%, and the Nasdaq, a tech-heavy index, lost 1.63%.
Shares of the oil and gas exploration company witnessed a gain of 12.62% over the previous month, beating the performance of the Oils-Energy sector with its gain of 8.14% and the S&P 500's gain of 1.6%.
The upcoming earnings release of Devon Energy will be of great interest to investors. The company's earnings report is expected on May 1, 2024. The company is predicted to post an EPS of $1.10, indicating a 24.66% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $3.6 billion, down 5.8% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.02 per share and a revenue of $15.06 billion, signifying shifts of -12.08% and -1.31%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Devon Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.03% increase. Currently, Devon Energy is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Devon Energy is presently trading at a Forward P/E ratio of 10.74. This indicates a discount in contrast to its industry's Forward P/E of 11.25.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 216, this industry ranks in the bottom 15% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.