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Devon Energy (DVN) Stock Drops Despite Market Gains: Important Facts to Note
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Devon Energy (DVN - Free Report) ended the recent trading session at $38.14, demonstrating a -1.17% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.16%. Elsewhere, the Dow saw a downswing of 0.37%, while the tech-heavy Nasdaq appreciated by 0.78%.
The oil and gas exploration company's shares have seen a decrease of 1.35% over the last month, surpassing the Oils-Energy sector's loss of 9.36% and falling behind the S&P 500's gain of 1.67%.
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. On that day, Devon Energy is projected to report earnings of $1.10 per share, which would represent a year-over-year decline of 33.33%. Simultaneously, our latest consensus estimate expects the revenue to be $3.76 billion, showing a 2% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4.98 per share and revenue of $15.45 billion, which would represent changes of -12.78% and +1.24%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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, the Zacks Consensus EPS estimate has moved 2.05% lower. Right now, Devon Energy possesses a Zacks Rank of #4 (Sell).
Investors should also note Devon Energy's current valuation metrics, including its Forward P/E ratio of 7.74. This indicates a discount in contrast to its industry's Forward P/E of 10.27.
One should further note that DVN currently holds a PEG ratio of 1.17. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 1.31.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 234, positioning it in the bottom 8% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Devon Energy (DVN) Stock Drops Despite Market Gains: Important Facts to Note
Devon Energy (DVN - Free Report) ended the recent trading session at $38.14, demonstrating a -1.17% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.16%. Elsewhere, the Dow saw a downswing of 0.37%, while the tech-heavy Nasdaq appreciated by 0.78%.
The oil and gas exploration company's shares have seen a decrease of 1.35% over the last month, surpassing the Oils-Energy sector's loss of 9.36% and falling behind the S&P 500's gain of 1.67%.
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. On that day, Devon Energy is projected to report earnings of $1.10 per share, which would represent a year-over-year decline of 33.33%. Simultaneously, our latest consensus estimate expects the revenue to be $3.76 billion, showing a 2% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4.98 per share and revenue of $15.45 billion, which would represent changes of -12.78% and +1.24%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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, the Zacks Consensus EPS estimate has moved 2.05% lower. Right now, Devon Energy possesses a Zacks Rank of #4 (Sell).
Investors should also note Devon Energy's current valuation metrics, including its Forward P/E ratio of 7.74. This indicates a discount in contrast to its industry's Forward P/E of 10.27.
One should further note that DVN currently holds a PEG ratio of 1.17. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 1.31.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 234, positioning it in the bottom 8% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.