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Devon Energy (DVN) Outperforms Broader Market: What You Need to Know
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In the latest trading session, Devon Energy (DVN - Free Report) closed at $42.42, marking a +1.51% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.9%. Elsewhere, the Dow saw an upswing of 0.81%, while the tech-heavy Nasdaq appreciated by 1.22%.
Heading into today, shares of the oil and gas exploration company had lost 0.69% over the past month, lagging the Oils-Energy sector's gain of 5.22% and the S&P 500's gain of 3.15% in that time.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 5, 2024. The company's upcoming EPS is projected at $1.14, signifying a 30.91% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.8 billion, indicating a 0.95% decrease compared to the same quarter of the previous year.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $5.02 per share and revenue of $15.47 billion. These results would represent year-over-year changes of -12.08% and +1.37%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
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 last 30 days, the Zacks Consensus EPS estimate has moved 6.23% lower. Devon Energy currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 8.32. This signifies a discount in comparison to the average Forward P/E of 10.03 for its industry.
It is also worth noting that DVN currently has a PEG ratio of 1.26. 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. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 1.34 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 237, placing it within the bottom 6% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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) Outperforms Broader Market: What You Need to Know
In the latest trading session, Devon Energy (DVN - Free Report) closed at $42.42, marking a +1.51% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.9%. Elsewhere, the Dow saw an upswing of 0.81%, while the tech-heavy Nasdaq appreciated by 1.22%.
Heading into today, shares of the oil and gas exploration company had lost 0.69% over the past month, lagging the Oils-Energy sector's gain of 5.22% and the S&P 500's gain of 3.15% in that time.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 5, 2024. The company's upcoming EPS is projected at $1.14, signifying a 30.91% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.8 billion, indicating a 0.95% decrease compared to the same quarter of the previous year.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $5.02 per share and revenue of $15.47 billion. These results would represent year-over-year changes of -12.08% and +1.37%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
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 last 30 days, the Zacks Consensus EPS estimate has moved 6.23% lower. Devon Energy currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 8.32. This signifies a discount in comparison to the average Forward P/E of 10.03 for its industry.
It is also worth noting that DVN currently has a PEG ratio of 1.26. 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. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 1.34 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 237, placing it within the bottom 6% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.