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Devon Energy (DVN) Increases Despite Market Slip: Here's What You Need to Know
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Devon Energy (DVN - Free Report) closed at $49.93 in the latest trading session, marking a +1.07% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.01%. Elsewhere, the Dow gained 0.04%, while the tech-heavy Nasdaq lost 0.25%.
The the stock of oil and gas exploration company has fallen by 0.2% in the past month, leading the Oils-Energy sector's loss of 0.43% and the S&P 500's loss of 1.6%.
Analysts and investors alike will be keeping a close eye on the performance of Devon Energy in its upcoming earnings disclosure. The company's earnings report is set to go public on November 7, 2023. The company is expected to report EPS of $1.52, down 30.28% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $4.03 billion, indicating a 25.89% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.85 per share and a revenue of $15.48 billion, representing changes of -29.6% and -19.22%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.46% higher within the past month. Devon Energy is holding a Zacks Rank of #2 (Buy) right now.
Looking at valuation, Devon Energy is presently trading at a Forward P/E ratio of 8.44. Its industry sports an average Forward P/E of 10.26, so one might conclude that Devon Energy is trading at a discount comparatively.
Also, we should mention that DVN has a PEG ratio of 0.16. 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 0.44 at yesterday's closing price.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 16, finds itself in the top 7% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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) Increases Despite Market Slip: Here's What You Need to Know
Devon Energy (DVN - Free Report) closed at $49.93 in the latest trading session, marking a +1.07% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.01%. Elsewhere, the Dow gained 0.04%, while the tech-heavy Nasdaq lost 0.25%.
The the stock of oil and gas exploration company has fallen by 0.2% in the past month, leading the Oils-Energy sector's loss of 0.43% and the S&P 500's loss of 1.6%.
Analysts and investors alike will be keeping a close eye on the performance of Devon Energy in its upcoming earnings disclosure. The company's earnings report is set to go public on November 7, 2023. The company is expected to report EPS of $1.52, down 30.28% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $4.03 billion, indicating a 25.89% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.85 per share and a revenue of $15.48 billion, representing changes of -29.6% and -19.22%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.46% higher within the past month. Devon Energy is holding a Zacks Rank of #2 (Buy) right now.
Looking at valuation, Devon Energy is presently trading at a Forward P/E ratio of 8.44. Its industry sports an average Forward P/E of 10.26, so one might conclude that Devon Energy is trading at a discount comparatively.
Also, we should mention that DVN has a PEG ratio of 0.16. 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 0.44 at yesterday's closing price.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 16, finds itself in the top 7% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.