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Devon Energy (DVN) Increases Yet Falls Behind Market: What Investors Need to Know
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The latest trading session saw Devon Energy (DVN - Free Report) ending at $42.96, denoting a +0.23% adjustment from its last day's close. The stock lagged the S&P 500's daily gain of 0.61%. Elsewhere, the Dow gained 0.97%, while the tech-heavy Nasdaq added 0.33%.
The oil and gas exploration company's stock has climbed by 7.12% in the past month, exceeding the Oils-Energy sector's loss of 2.26% and the S&P 500's gain of 5.36%.
Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company plans to announce its earnings on November 5, 2024. The company is predicted to post an EPS of $1.12, indicating a 32.12% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.79 billion, indicating a 1.33% decrease compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.01 per share and a revenue of $15.45 billion, indicating changes of -12.26% and +1.24%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-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. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 6.6% decrease. Devon Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 8.55. This denotes a discount relative to the industry's average Forward P/E of 10.12.
Meanwhile, DVN's PEG ratio is currently 1.3. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 1.35.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 241, positioning it in the bottom 5% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Devon Energy (DVN) Increases Yet Falls Behind Market: What Investors Need to Know
The latest trading session saw Devon Energy (DVN - Free Report) ending at $42.96, denoting a +0.23% adjustment from its last day's close. The stock lagged the S&P 500's daily gain of 0.61%. Elsewhere, the Dow gained 0.97%, while the tech-heavy Nasdaq added 0.33%.
The oil and gas exploration company's stock has climbed by 7.12% in the past month, exceeding the Oils-Energy sector's loss of 2.26% and the S&P 500's gain of 5.36%.
Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company plans to announce its earnings on November 5, 2024. The company is predicted to post an EPS of $1.12, indicating a 32.12% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.79 billion, indicating a 1.33% decrease compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.01 per share and a revenue of $15.45 billion, indicating changes of -12.26% and +1.24%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-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. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 6.6% decrease. Devon Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 8.55. This denotes a discount relative to the industry's average Forward P/E of 10.12.
Meanwhile, DVN's PEG ratio is currently 1.3. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 1.35.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 241, positioning it in the bottom 5% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.