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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 $76.92, moving +1.87% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.74%. Meanwhile, the Dow gained 0.01%, and the Nasdaq, a tech-heavy index, lost 0.01%.
Coming into today, shares of the oil and gas exploration company had gained 34.43% in the past month. In that same time, the Oils-Energy sector gained 16.17%, while the S&P 500 gained 4.58%.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. This is expected to be November 1, 2022. The company is expected to report EPS of $2.13, up 97.22% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.92 billion, up 41.9% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.88 per share and revenue of $19.75 billion. These totals would mark changes of +151.56% and +65.73%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 3.82% 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 8.5. Its industry sports an average Forward P/E of 5.5, 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 0.16. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. DVN's industry had an average PEG ratio of 0.25 as of yesterday's close.
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 49, putting it in the top 20% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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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 $76.92, moving +1.87% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.74%. Meanwhile, the Dow gained 0.01%, and the Nasdaq, a tech-heavy index, lost 0.01%.
Coming into today, shares of the oil and gas exploration company had gained 34.43% in the past month. In that same time, the Oils-Energy sector gained 16.17%, while the S&P 500 gained 4.58%.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. This is expected to be November 1, 2022. The company is expected to report EPS of $2.13, up 97.22% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.92 billion, up 41.9% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.88 per share and revenue of $19.75 billion. These totals would mark changes of +151.56% and +65.73%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 3.82% 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 8.5. Its industry sports an average Forward P/E of 5.5, 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 0.16. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. DVN's industry had an average PEG ratio of 0.25 as of yesterday's close.
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 49, putting it in the top 20% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.