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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) closed the most recent trading day at $44.61, moving -4.27% from the previous trading session. This change lagged the S&P 500's daily gain of 1.75%. Meanwhile, the Dow experienced a rise of 1.86%, and the technology-dominated Nasdaq saw an increase of 2.54%.
Heading into today, shares of the oil and gas exploration company had lost 0.64% over the past month, lagging the Oils-Energy sector's loss of 0.13% and outpacing the S&P 500's loss of 1.63%.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company is forecasted to report an EPS of $1.19, showcasing a 41.67% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $6.19 billion, indicating a 44.44% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.44 per share and revenue of $25 billion, indicating changes of +13.27% and +45.44%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 21.92% downward. Devon Energy is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 10.5. Its industry sports an average Forward P/E of 9.87, so one might conclude that Devon Energy is trading at a premium comparatively.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 109, putting it in the top 45% of all 250+ industries.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Devon Energy (DVN) Stock Drops Despite Market Gains: Important Facts to Note
Devon Energy (DVN - Free Report) closed the most recent trading day at $44.61, moving -4.27% from the previous trading session. This change lagged the S&P 500's daily gain of 1.75%. Meanwhile, the Dow experienced a rise of 1.86%, and the technology-dominated Nasdaq saw an increase of 2.54%.
Heading into today, shares of the oil and gas exploration company had lost 0.64% over the past month, lagging the Oils-Energy sector's loss of 0.13% and outpacing the S&P 500's loss of 1.63%.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company is forecasted to report an EPS of $1.19, showcasing a 41.67% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $6.19 billion, indicating a 44.44% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.44 per share and revenue of $25 billion, indicating changes of +13.27% and +45.44%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 21.92% downward. Devon Energy is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 10.5. Its industry sports an average Forward P/E of 9.87, so one might conclude that Devon Energy is trading at a premium comparatively.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 109, putting it in the top 45% of all 250+ industries.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.