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Devon Energy (DVN) Gains As Market Dips: What You Should Know
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Devon Energy (DVN - Free Report) closed the most recent trading day at $69.40, moving +1.21% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.33%. At the same time, the Dow lost 0.1%, and the tech-heavy Nasdaq lost 0.27%.
Coming into today, shares of the oil and gas exploration company had lost 0.72% in the past month. In that same time, the Oils-Energy sector lost 3.77%, while the S&P 500 lost 11.67%.
Investors will be hoping for strength from Devon Energy as it approaches its next earnings release, which is expected to be November 1, 2022. In that report, analysts expect Devon Energy to post earnings of $2.24 per share. This would mark year-over-year growth of 107.41%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.93 billion, up 42.2% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.10 per share and revenue of $19.81 billion, which would represent changes of +157.79% and +66.22%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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 2.42% lower. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 7.53. Its industry sports an average Forward P/E of 5.01, so we one might conclude that Devon Energy is trading at a premium comparatively.
Meanwhile, DVN's PEG ratio is currently 0.14. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. DVN's industry had an average PEG ratio of 0.23 as of yesterday's close.
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 30, which puts it in the top 12% 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.
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) Gains As Market Dips: What You Should Know
Devon Energy (DVN - Free Report) closed the most recent trading day at $69.40, moving +1.21% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.33%. At the same time, the Dow lost 0.1%, and the tech-heavy Nasdaq lost 0.27%.
Coming into today, shares of the oil and gas exploration company had lost 0.72% in the past month. In that same time, the Oils-Energy sector lost 3.77%, while the S&P 500 lost 11.67%.
Investors will be hoping for strength from Devon Energy as it approaches its next earnings release, which is expected to be November 1, 2022. In that report, analysts expect Devon Energy to post earnings of $2.24 per share. This would mark year-over-year growth of 107.41%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.93 billion, up 42.2% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.10 per share and revenue of $19.81 billion, which would represent changes of +157.79% and +66.22%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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 2.42% lower. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 7.53. Its industry sports an average Forward P/E of 5.01, so we one might conclude that Devon Energy is trading at a premium comparatively.
Meanwhile, DVN's PEG ratio is currently 0.14. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. DVN's industry had an average PEG ratio of 0.23 as of yesterday's close.
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 30, which puts it in the top 12% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.