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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 the latest trading day at $39.12, indicating a +0.41% change from the previous session's end. This change lagged the S&P 500's 0.42% gain on the day. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq gained 0.38%.
Coming into today, shares of the oil and gas exploration company had lost 13% in the past month. In that same time, the Oils-Energy sector lost 2.47%, while the S&P 500 gained 2.06%.
The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. The company is scheduled to release its earnings on November 5, 2024. The company is forecasted to report an EPS of $1.18, showcasing a 28.48% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.86 billion, up 0.62% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.11 per share and a revenue of $15.6 billion, representing changes of -10.51% and +2.25%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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.
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, there's been a 4.86% fall in the Zacks Consensus EPS estimate. Devon Energy presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 7.62. This indicates a discount in contrast to its industry's Forward P/E of 10.05.
Meanwhile, DVN's PEG ratio is currently 1.16. 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. DVN's industry had an average PEG ratio of 1.27 as of yesterday's close.
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 212, placing it within the bottom 17% of over 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.
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) Rises Yet Lags Behind Market: Some Facts Worth Knowing
Devon Energy (DVN - Free Report) closed the latest trading day at $39.12, indicating a +0.41% change from the previous session's end. This change lagged the S&P 500's 0.42% gain on the day. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq gained 0.38%.
Coming into today, shares of the oil and gas exploration company had lost 13% in the past month. In that same time, the Oils-Energy sector lost 2.47%, while the S&P 500 gained 2.06%.
The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. The company is scheduled to release its earnings on November 5, 2024. The company is forecasted to report an EPS of $1.18, showcasing a 28.48% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.86 billion, up 0.62% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.11 per share and a revenue of $15.6 billion, representing changes of -10.51% and +2.25%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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.
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, there's been a 4.86% fall in the Zacks Consensus EPS estimate. Devon Energy presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 7.62. This indicates a discount in contrast to its industry's Forward P/E of 10.05.
Meanwhile, DVN's PEG ratio is currently 1.16. 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. DVN's industry had an average PEG ratio of 1.27 as of yesterday's close.
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 212, placing it within the bottom 17% of over 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.