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Devon Energy (DVN) Stock Dips While Market Gains: Key Facts
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In the latest market close, Devon Energy (DVN - Free Report) reached $46.52, with a -1.08% movement compared to the previous day. This change lagged the S&P 500's daily gain of 0.1%. Meanwhile, the Dow lost 0.08%, and the Nasdaq, a tech-heavy index, added 0.28%.
Coming into today, shares of the oil and gas exploration company had gained 0.51% in the past month. In that same time, the Oils-Energy sector gained 0.75%, while the S&P 500 gained 4.08%.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 6, 2024. In that report, analysts expect Devon Energy to post earnings of $1.28 per share. This would mark year-over-year growth of 8.47%. In the meantime, our current consensus estimate forecasts the revenue to be $3.85 billion, indicating a 11.55% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.25 per share and revenue of $15.24 billion, which would represent changes of -8.06% and -0.1%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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. Over the past month, the Zacks Consensus EPS estimate has shifted 2.03% upward. Currently, Devon Energy is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Devon Energy has a Forward P/E ratio of 8.95 right now. This expresses a discount compared to the average Forward P/E of 10.36 of its industry.
Investors should also note that DVN has a PEG ratio of 1.24 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. As the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 1.16.
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 99, finds itself in the top 40% echelons 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Devon Energy (DVN) Stock Dips While Market Gains: Key Facts
In the latest market close, Devon Energy (DVN - Free Report) reached $46.52, with a -1.08% movement compared to the previous day. This change lagged the S&P 500's daily gain of 0.1%. Meanwhile, the Dow lost 0.08%, and the Nasdaq, a tech-heavy index, added 0.28%.
Coming into today, shares of the oil and gas exploration company had gained 0.51% in the past month. In that same time, the Oils-Energy sector gained 0.75%, while the S&P 500 gained 4.08%.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 6, 2024. In that report, analysts expect Devon Energy to post earnings of $1.28 per share. This would mark year-over-year growth of 8.47%. In the meantime, our current consensus estimate forecasts the revenue to be $3.85 billion, indicating a 11.55% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.25 per share and revenue of $15.24 billion, which would represent changes of -8.06% and -0.1%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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. Over the past month, the Zacks Consensus EPS estimate has shifted 2.03% upward. Currently, Devon Energy is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Devon Energy has a Forward P/E ratio of 8.95 right now. This expresses a discount compared to the average Forward P/E of 10.36 of its industry.
Investors should also note that DVN has a PEG ratio of 1.24 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. As the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 1.16.
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 99, finds itself in the top 40% echelons 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.