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Devon Energy (DVN) Outpaces Stock Market Gains: What You Should Know
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Devon Energy (DVN - Free Report) closed the most recent trading day at $58.90, moving +1.34% from the previous trading session. This change outpaced the S&P 500's 0.75% gain on the day. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq gained 10.36%.
Prior to today's trading, shares of the oil and gas exploration company had lost 9.37% over the past month. This has lagged the Oils-Energy sector's loss of 6.78% and the S&P 500's loss of 5.98% in that time.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. On that day, Devon Energy is projected to report earnings of $1.99 per share, which would represent year-over-year growth of 43.17%. Meanwhile, our latest consensus estimate is calling for revenue of $4.83 billion, up 12.95% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.96% lower. Devon Energy currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 6.58. This represents a premium compared to its industry's average Forward P/E of 4.56.
Meanwhile, DVN's PEG ratio is currently 0.12. 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. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 0.22 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 153, putting it in the bottom 40% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Devon Energy (DVN) Outpaces Stock Market Gains: What You Should Know
Devon Energy (DVN - Free Report) closed the most recent trading day at $58.90, moving +1.34% from the previous trading session. This change outpaced the S&P 500's 0.75% gain on the day. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq gained 10.36%.
Prior to today's trading, shares of the oil and gas exploration company had lost 9.37% over the past month. This has lagged the Oils-Energy sector's loss of 6.78% and the S&P 500's loss of 5.98% in that time.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. On that day, Devon Energy is projected to report earnings of $1.99 per share, which would represent year-over-year growth of 43.17%. Meanwhile, our latest consensus estimate is calling for revenue of $4.83 billion, up 12.95% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.96% lower. Devon Energy currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 6.58. This represents a premium compared to its industry's average Forward P/E of 4.56.
Meanwhile, DVN's PEG ratio is currently 0.12. 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. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 0.22 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 153, putting it in the bottom 40% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.