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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 $45.75, moving +0.22% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.37%. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 1.87%.
Coming into today, shares of the oil and gas exploration company had lost 13.74% in the past month. In that same time, the Oils-Energy sector lost 1.79%, while the S&P 500 lost 4.93%.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. This is expected to be November 7, 2023. The company is expected to report EPS of $1.48, down 32.11% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.98 billion, down 26.66% from the year-ago period.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $5.69 per share and revenue of $15.39 billion. These results would represent year-over-year changes of -31.53% and -19.74%, 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. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.51% higher. Devon Energy is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Devon Energy's current valuation metrics, including its Forward P/E ratio of 8.02. This represents a discount compared to its industry's average Forward P/E of 9.34.
Investors should also note that DVN has a PEG ratio of 0.16 right now. 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 industry currently had an average PEG ratio of 0.47 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 59, which puts it in the top 24% 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.
To follow DVN in the coming trading sessions, be sure to utilize 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 $45.75, moving +0.22% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.37%. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 1.87%.
Coming into today, shares of the oil and gas exploration company had lost 13.74% in the past month. In that same time, the Oils-Energy sector lost 1.79%, while the S&P 500 lost 4.93%.
Wall Street will be looking for positivity from Devon Energy as it approaches its next earnings report date. This is expected to be November 7, 2023. The company is expected to report EPS of $1.48, down 32.11% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.98 billion, down 26.66% from the year-ago period.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $5.69 per share and revenue of $15.39 billion. These results would represent year-over-year changes of -31.53% and -19.74%, 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. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.51% higher. Devon Energy is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Devon Energy's current valuation metrics, including its Forward P/E ratio of 8.02. This represents a discount compared to its industry's average Forward P/E of 9.34.
Investors should also note that DVN has a PEG ratio of 0.16 right now. 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 industry currently had an average PEG ratio of 0.47 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 59, which puts it in the top 24% 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.
To follow DVN in the coming trading sessions, be sure to utilize Zacks.com.