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Devon Energy (DVN) closed the most recent trading day at $25.33, moving +1.6% from the previous trading session. The stock outpaced the S&P 500's daily gain of 1.52%.
Heading into today, shares of the oil and gas exploration company had lost 12.83% over the past month, lagging the Oils-Energy sector's loss of 8.07% and the S&P 500's gain of 2.41% in that time.
Investors will be hoping for strength from DVN as it approaches its next earnings release, which is expected to be August 3, 2021. In that report, analysts expect DVN to post earnings of $0.50 per share. This would mark year-over-year growth of 377.78%. Meanwhile, our latest consensus estimate is calling for revenue of $2.34 billion, up 493.66% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.38 per share and revenue of $9.3 billion, which would represent changes of +2744.44% and +92.7%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for DVN. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 7.36% higher. DVN is currently a Zacks Rank #2 (Buy).
Investors should also note DVN's current valuation metrics, including its Forward P/E ratio of 10.48. This valuation marks a premium compared to its industry's average Forward P/E of 8.18.
Also, we should mention that DVN has a PEG ratio of 0.34. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 0.51 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 22, putting it in the top 9% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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