Devon Energy (DVN) closed the most recent trading day at $28.24, moving +0.61% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.13%. At the same time, the Dow lost 0.13%, and the tech-heavy Nasdaq lost 0.24%.
Coming into today, shares of the oil and gas exploration company had gained 3.31% in the past month. In that same time, the Oils-Energy sector gained 0.64%, while the S&P 500 gained 4.13%.
DVN will be looking to display strength as it nears its next earnings release. On that day, DVN is projected to report earnings of $0.49 per share, which would represent year-over-year growth of 44.12%. Our most recent consensus estimate is calling for quarterly revenue of $2.39 billion, up 6.26% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.81 per share and revenue of $8.02 billion, which would represent changes of +40.31% and -35.08%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for DVN. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 16.76% lower. DVN is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, DVN is currently trading at a Forward P/E ratio of 15.5. This valuation marks a premium compared to its industry's average Forward P/E of 11.09.
Investors should also note that DVN has a PEG ratio of 2.21 right now. 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 0.84 as of yesterday's close.
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 88, putting it in the top 35% of all 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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