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Devon Energy (DVN) Advances While Market Declines: Some Information for Investors
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Devon Energy (DVN - Free Report) closed at $46.17 in the latest trading session, marking a +1.05% move from the prior day. This change outpaced the S&P 500's 0.5% loss on the day. Meanwhile, the Dow gained 0.5%, and the Nasdaq, a tech-heavy index, lost 1.28%.
The oil and gas exploration company's shares have seen a decrease of 4.27% over the last month, surpassing the Oils-Energy sector's loss of 10.92% and falling behind the S&P 500's gain of 0.1%.
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 forecasted to report an EPS of $1.29, showcasing a 9.32% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.86 billion, indicating a 11.88% increase compared to the same quarter of the previous year.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $5.40 per share and revenue of $15.64 billion. These results would represent year-over-year changes of -5.43% and +2.53%, respectively.
Investors might also notice recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.86% increase. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 8.46. Its industry sports an average Forward P/E of 10.22, so one might conclude that Devon Energy is trading at a discount comparatively.
Meanwhile, DVN's PEG ratio is currently 0.76. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.98 at yesterday's closing price.
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 199, placing it within the bottom 22% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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) Advances While Market Declines: Some Information for Investors
Devon Energy (DVN - Free Report) closed at $46.17 in the latest trading session, marking a +1.05% move from the prior day. This change outpaced the S&P 500's 0.5% loss on the day. Meanwhile, the Dow gained 0.5%, and the Nasdaq, a tech-heavy index, lost 1.28%.
The oil and gas exploration company's shares have seen a decrease of 4.27% over the last month, surpassing the Oils-Energy sector's loss of 10.92% and falling behind the S&P 500's gain of 0.1%.
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 forecasted to report an EPS of $1.29, showcasing a 9.32% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.86 billion, indicating a 11.88% increase compared to the same quarter of the previous year.
DVN's full-year Zacks Consensus Estimates are calling for earnings of $5.40 per share and revenue of $15.64 billion. These results would represent year-over-year changes of -5.43% and +2.53%, respectively.
Investors might also notice recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.86% increase. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 8.46. Its industry sports an average Forward P/E of 10.22, so one might conclude that Devon Energy is trading at a discount comparatively.
Meanwhile, DVN's PEG ratio is currently 0.76. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.98 at yesterday's closing price.
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 199, placing it within the bottom 22% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.