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Devon Energy (DVN) Stock Moves -0.83%: What You Should Know
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In the latest trading session, Devon Energy (DVN - Free Report) closed at $45.58, marking a -0.83% move from the previous day. The stock's change was more than the S&P 500's daily loss of 2.32%. Meanwhile, the Dow experienced a drop of 1.25%, and the technology-dominated Nasdaq saw a decrease of 3.64%.
Coming into today, shares of the oil and gas exploration company had lost 2.98% in the past month. In that same time, the Oils-Energy sector lost 8.99%, while the S&P 500 gained 1.79%.
Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company plans to announce its earnings 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%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.86 billion, up 11.76% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $5.39 per share and a revenue of $15.56 billion, demonstrating changes of -5.6% and +1.95%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.69% upward. Devon Energy presently features a Zacks Rank of #2 (Buy).
From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 8.53. This valuation marks a discount compared to its industry's average Forward P/E of 10.49.
Meanwhile, DVN's PEG ratio is currently 1.18. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 1.14.
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 76, placing it within the top 31% of over 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.
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) Stock Moves -0.83%: What You Should Know
In the latest trading session, Devon Energy (DVN - Free Report) closed at $45.58, marking a -0.83% move from the previous day. The stock's change was more than the S&P 500's daily loss of 2.32%. Meanwhile, the Dow experienced a drop of 1.25%, and the technology-dominated Nasdaq saw a decrease of 3.64%.
Coming into today, shares of the oil and gas exploration company had lost 2.98% in the past month. In that same time, the Oils-Energy sector lost 8.99%, while the S&P 500 gained 1.79%.
Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company plans to announce its earnings 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%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.86 billion, up 11.76% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $5.39 per share and a revenue of $15.56 billion, demonstrating changes of -5.6% and +1.95%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.69% upward. Devon Energy presently features a Zacks Rank of #2 (Buy).
From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 8.53. This valuation marks a discount compared to its industry's average Forward P/E of 10.49.
Meanwhile, DVN's PEG ratio is currently 1.18. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 1.14.
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 76, placing it within the top 31% of over 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.