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Devon Energy (DVN) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Devon Energy (DVN - Free Report) closed at $60.37, marking a +1.33% move from the previous day. This move outpaced the S&P 500's daily gain of 1.21%. At the same time, the Dow added 1.03%, and the tech-heavy Nasdaq gained 0.14%.
Coming into today, shares of the oil and gas exploration company had gained 6.74% in the past month. In that same time, the Oils-Energy sector gained 2.47%, while the S&P 500 gained 3.2%.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. This is expected to be August 1, 2022. On that day, Devon Energy is projected to report earnings of $2.38 per share, which would represent year-over-year growth of 296.67%. Meanwhile, our latest consensus estimate is calling for revenue of $4.8 billion, up 98.51% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9 per share and revenue of $18.38 billion, which would represent changes of +154.96% and +54.26%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.11% lower. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Devon Energy currently has a Forward P/E ratio of 6.62. Its industry sports an average Forward P/E of 4.98, so we 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 industry currently has a Zacks Industry Rank of 39, which puts it in the top 16% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Devon Energy (DVN) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Devon Energy (DVN - Free Report) closed at $60.37, marking a +1.33% move from the previous day. This move outpaced the S&P 500's daily gain of 1.21%. At the same time, the Dow added 1.03%, and the tech-heavy Nasdaq gained 0.14%.
Coming into today, shares of the oil and gas exploration company had gained 6.74% in the past month. In that same time, the Oils-Energy sector gained 2.47%, while the S&P 500 gained 3.2%.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. This is expected to be August 1, 2022. On that day, Devon Energy is projected to report earnings of $2.38 per share, which would represent year-over-year growth of 296.67%. Meanwhile, our latest consensus estimate is calling for revenue of $4.8 billion, up 98.51% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9 per share and revenue of $18.38 billion, which would represent changes of +154.96% and +54.26%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.11% lower. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Devon Energy currently has a Forward P/E ratio of 6.62. Its industry sports an average Forward P/E of 4.98, so we 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 industry currently has a Zacks Industry Rank of 39, which puts it in the top 16% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.