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Devon Energy (DVN) Stock Sinks As Market Gains: What You Should Know
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Devon Energy (DVN - Free Report) closed at $69.77 in the latest trading session, marking a -0.04% move from the prior day. This change lagged the S&P 500's 1.14% gain on the day. Meanwhile, the Dow gained 1.12%, and the Nasdaq, a tech-heavy index, lost 0.02%.
Investors will be hoping for strength from Devon Energy as it approaches its next earnings release, which is expected to be November 1, 2022. On that day, Devon Energy is projected to report earnings of $2.24 per share, which would represent year-over-year growth of 107.41%. Our most recent consensus estimate is calling for quarterly revenue of $4.93 billion, up 42.2% from the year-ago period.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $9.10 per share and revenue of $19.81 billion. These results would represent year-over-year changes of +157.79% and +66.22%, respectively.
Investors might also notice recent changes to analyst estimates for Devon Energy. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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. The Zacks Consensus EPS estimate has moved 1.92% lower within the past month. Devon Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 7.67. Its industry sports an average Forward P/E of 5.06, so we one might conclude that Devon Energy is trading at a premium comparatively.
It is also worth noting that DVN currently has a PEG ratio of 0.14. 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 was holding an average PEG ratio of 0.21 at yesterday's closing price.
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 37, putting it in the top 15% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Devon Energy (DVN) Stock Sinks As Market Gains: What You Should Know
Devon Energy (DVN - Free Report) closed at $69.77 in the latest trading session, marking a -0.04% move from the prior day. This change lagged the S&P 500's 1.14% gain on the day. Meanwhile, the Dow gained 1.12%, and the Nasdaq, a tech-heavy index, lost 0.02%.
Investors will be hoping for strength from Devon Energy as it approaches its next earnings release, which is expected to be November 1, 2022. On that day, Devon Energy is projected to report earnings of $2.24 per share, which would represent year-over-year growth of 107.41%. Our most recent consensus estimate is calling for quarterly revenue of $4.93 billion, up 42.2% from the year-ago period.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $9.10 per share and revenue of $19.81 billion. These results would represent year-over-year changes of +157.79% and +66.22%, respectively.
Investors might also notice recent changes to analyst estimates for Devon Energy. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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. The Zacks Consensus EPS estimate has moved 1.92% lower within the past month. Devon Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 7.67. Its industry sports an average Forward P/E of 5.06, so we one might conclude that Devon Energy is trading at a premium comparatively.
It is also worth noting that DVN currently has a PEG ratio of 0.14. 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 was holding an average PEG ratio of 0.21 at yesterday's closing price.
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 37, putting it in the top 15% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.