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Why the Market Dipped But Devon Energy (DVN) Gained Today
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Devon Energy (DVN - Free Report) closed at $46.19 in the latest trading session, marking a +1.83% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 1.52%. Elsewhere, the Dow lost 1.56%, while the tech-heavy Nasdaq lost 1.78%.
The oil and gas exploration company's stock has climbed by 0.89% in the past month, falling short of the Oils-Energy sector's gain of 5.1% and outpacing the S&P 500's loss of 2.25%.
Market participants will be closely following the financial results of Devon Energy in its upcoming release. In that report, analysts expect Devon Energy to post earnings of $0.76 per share. This would mark a year-over-year decline of 37.19%. At the same time, our most recent consensus estimate is projecting a revenue of $3.85 billion, reflecting a 13.57% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.01 per share and revenue of $15.61 billion, which would represent changes of -23.21% and -9.2%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 13.2% lower. As of now, Devon Energy holds a Zacks Rank of #3 (Hold).
From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 15.06. This represents a discount compared to its industry average Forward P/E of 15.88.
It is also worth noting that DVN currently has a PEG ratio of 4.59. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.7 as trading concluded yesterday.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 185, finds itself in the bottom 25% echelons 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.
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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Why the Market Dipped But Devon Energy (DVN) Gained Today
Devon Energy (DVN - Free Report) closed at $46.19 in the latest trading session, marking a +1.83% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 1.52%. Elsewhere, the Dow lost 1.56%, while the tech-heavy Nasdaq lost 1.78%.
The oil and gas exploration company's stock has climbed by 0.89% in the past month, falling short of the Oils-Energy sector's gain of 5.1% and outpacing the S&P 500's loss of 2.25%.
Market participants will be closely following the financial results of Devon Energy in its upcoming release. In that report, analysts expect Devon Energy to post earnings of $0.76 per share. This would mark a year-over-year decline of 37.19%. At the same time, our most recent consensus estimate is projecting a revenue of $3.85 billion, reflecting a 13.57% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.01 per share and revenue of $15.61 billion, which would represent changes of -23.21% and -9.2%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 13.2% lower. As of now, Devon Energy holds a Zacks Rank of #3 (Hold).
From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 15.06. This represents a discount compared to its industry average Forward P/E of 15.88.
It is also worth noting that DVN currently has a PEG ratio of 4.59. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.7 as trading concluded yesterday.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 185, finds itself in the bottom 25% echelons 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.