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Devon Energy (DVN) Stock Moves -0.14%: What You Should Know

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In the latest trading session, Devon Energy (DVN) closed at $77.93, marking a -0.14% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.08%. Meanwhile, the Dow lost 0.81%, and the Nasdaq, a tech-heavy index, added 0.22%.

Coming into today, shares of the oil and gas exploration company had gained 22.4% in the past month. In that same time, the Oils-Energy sector gained 10.73%, while the S&P 500 gained 1.03%.

Investors will be hoping for strength from Devon Energy as it approaches its next earnings release. On that day, Devon Energy is projected to report earnings of $2.28 per share, which would represent year-over-year growth of 280%. Our most recent consensus estimate is calling for quarterly revenue of $4.67 billion, up 93.07% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.82 per share and revenue of $18.03 billion. These totals would mark changes of +149.86% and +51.26%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-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.

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 2.29% higher. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that Devon Energy has a Forward P/E ratio of 8.85 right now. This represents a premium compared to its industry's average Forward P/E of 6.15.

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 16, putting it in the top 7% 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.

To follow DVN in the coming trading sessions, be sure to utilize Zacks.com.

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