Investors focused on the Oils-Energy space have likely heard of Devon Energy (DVN - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.
Devon Energy is one of 330 companies in the Oils-Energy group. The Oils-Energy group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. DVN is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for DVN's full-year earnings has moved 13.11% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that DVN has returned about 6.18% since the start of the calendar year. Meanwhile, stocks in the Oils-Energy group have gained about 6.16% on average. This means that Devon Energy is performing better than its sector in terms of year-to-date returns.
Breaking things down more, DVN is a member of the Oil and Gas - Exploration and Production - United States industry, which includes 74 individual companies and currently sits at #46 in the Zacks Industry Rank. Stocks in this group have gained about 7.64% so far this year, so DVN is slightly underperforming its industry this group in terms of year-to-date returns.
Investors with an interest in Oils-Energy stocks should continue to track DVN. The stock will be looking to continue its solid performance.