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Devon Energy (DVN) Falls More Steeply Than Broader Market: What Investors Need to Know
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The latest trading session saw Devon Energy (DVN - Free Report) ending at $47.71, denoting a -1.26% adjustment from its last day's close. The stock's change was less than the S&P 500's daily loss of 0.17%. Elsewhere, the Dow lost 0.58%, while the tech-heavy Nasdaq added 0.27%.
Heading into today, shares of the oil and gas exploration company had gained 3.71% over the past month, outpacing the Oils-Energy sector's loss of 0.51% and the S&P 500's loss of 3.95% in that time.
The upcoming earnings release of Devon Energy will be of great interest to investors. The company's earnings report is expected on November 7, 2023. It is anticipated that the company will report an EPS of $1.51, marking a 30.73% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $4.02 billion, reflecting a 26.02% fall from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.87 per share and a revenue of $15.48 billion, signifying shifts of -29.36% and -19.27%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.84% higher. Right now, Devon Energy possesses a Zacks Rank of #2 (Buy).
From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 8.23. Its industry sports an average Forward P/E of 9.86, so one might conclude that Devon Energy is trading at a discount comparatively.
One should further note that DVN currently holds a PEG ratio of 0.16. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.45 as trading concluded yesterday.
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 16, putting it in the top 7% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Devon Energy (DVN) Falls More Steeply Than Broader Market: What Investors Need to Know
The latest trading session saw Devon Energy (DVN - Free Report) ending at $47.71, denoting a -1.26% adjustment from its last day's close. The stock's change was less than the S&P 500's daily loss of 0.17%. Elsewhere, the Dow lost 0.58%, while the tech-heavy Nasdaq added 0.27%.
Heading into today, shares of the oil and gas exploration company had gained 3.71% over the past month, outpacing the Oils-Energy sector's loss of 0.51% and the S&P 500's loss of 3.95% in that time.
The upcoming earnings release of Devon Energy will be of great interest to investors. The company's earnings report is expected on November 7, 2023. It is anticipated that the company will report an EPS of $1.51, marking a 30.73% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $4.02 billion, reflecting a 26.02% fall from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.87 per share and a revenue of $15.48 billion, signifying shifts of -29.36% and -19.27%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.84% higher. Right now, Devon Energy possesses a Zacks Rank of #2 (Buy).
From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 8.23. Its industry sports an average Forward P/E of 9.86, so one might conclude that Devon Energy is trading at a discount comparatively.
One should further note that DVN currently holds a PEG ratio of 0.16. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.45 as trading concluded yesterday.
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 16, putting it in the top 7% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.