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Devon Energy (DVN) Rises Yet Lags Behind Market: Some Facts Worth Knowing
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Devon Energy (DVN - Free Report) closed at $48.24 in the latest trading session, marking a +0.4% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.64%. Elsewhere, the Dow gained 1.85%, while the tech-heavy Nasdaq added 0.2%.
Prior to today's trading, shares of the oil and gas exploration company had gained 5% over the past month. This has outpaced the Oils-Energy sector's loss of 8% and the S&P 500's gain of 3.82% in that time.
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. The company is predicted to post an EPS of $1.29, indicating a 9.32% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $3.87 billion, reflecting a 12.07% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.35 per share and a revenue of $15.6 billion, signifying shifts of -6.3% and +2.24%, respectively, from the last year.
Any recent changes to analyst estimates for Devon Energy should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. The Zacks Consensus EPS estimate has moved 1.93% higher within the past month. Devon Energy is currently sporting a Zacks Rank of #2 (Buy).
In the context of valuation, Devon Energy is at present trading with a Forward P/E ratio of 8.98. For comparison, its industry has an average Forward P/E of 11.11, which means Devon Energy is trading at a discount to the group.
One should further note that DVN currently holds a PEG ratio of 1.24. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 1.2.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 79, placing it within the top 32% of over 250 industries.
The Zacks Industry Rank is ordered 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.
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) Rises Yet Lags Behind Market: Some Facts Worth Knowing
Devon Energy (DVN - Free Report) closed at $48.24 in the latest trading session, marking a +0.4% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.64%. Elsewhere, the Dow gained 1.85%, while the tech-heavy Nasdaq added 0.2%.
Prior to today's trading, shares of the oil and gas exploration company had gained 5% over the past month. This has outpaced the Oils-Energy sector's loss of 8% and the S&P 500's gain of 3.82% in that time.
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. The company is predicted to post an EPS of $1.29, indicating a 9.32% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $3.87 billion, reflecting a 12.07% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.35 per share and a revenue of $15.6 billion, signifying shifts of -6.3% and +2.24%, respectively, from the last year.
Any recent changes to analyst estimates for Devon Energy should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. The Zacks Consensus EPS estimate has moved 1.93% higher within the past month. Devon Energy is currently sporting a Zacks Rank of #2 (Buy).
In the context of valuation, Devon Energy is at present trading with a Forward P/E ratio of 8.98. For comparison, its industry has an average Forward P/E of 11.11, which means Devon Energy is trading at a discount to the group.
One should further note that DVN currently holds a PEG ratio of 1.24. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 1.2.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 79, placing it within the top 32% of over 250 industries.
The Zacks Industry Rank is ordered 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.