Devon Energy (DVN) Dips More Than Broader Market: What You Should Know
Devon Energy (DVN) closed the latest trading day at $40.69, indicating a -1.48% change from the previous session's end. This change lagged the S&P 500's 0.32% loss on the day. At the same time, the Dow lost 0.71%, and the tech-heavy Nasdaq lost 0.2%.
Prior to today's trading, shares of the oil and gas exploration company had lost 10.1% over the past month. This has lagged the Oils-Energy sector's loss of 2.12% and the S&P 500's gain of 4.59% 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 February 27, 2024. On that day, Devon Energy is projected to report earnings of $1.39 per share, which would represent a year-over-year decline of 16.27%. Meanwhile, our latest consensus estimate is calling for revenue of $3.87 billion, down 9.98% from the prior-year quarter.
It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Within the past 30 days, our consensus EPS projection has moved 16.14% lower. Devon Energy is currently sporting a Zacks Rank of #5 (Strong Sell).
Digging into valuation, Devon Energy currently has a Forward P/E ratio of 7.73. This expresses a discount compared to the average Forward P/E of 8.06 of its industry.
Meanwhile, DVN's PEG ratio is currently 0.15. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.64 as trading concluded yesterday.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 248, putting it in the bottom 2% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Devon Energy Corporation (DVN) : Free Stock Analysis Report
