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Devon Energy (DVN) Stock Sinks As Market Gains: What You Should Know

·3 min read

Devon Energy (DVN) closed at $68.36 in the latest trading session, marking a -1.7% move from the prior day. This move lagged the S&P 500's daily gain of 1.83%. Meanwhile, the Dow gained 1.4%, and the Nasdaq, a tech-heavy index, added 0.09%.

Prior to today's trading, shares of the oil and gas exploration company had gained 17.78% over the past month. This has outpaced the Oils-Energy sector's gain of 5.29% and the S&P 500's loss of 5.51% in that time.

Investors will be hoping for strength from Devon Energy as it approaches its next earnings release. The company is expected to report EPS of $2.28, up 111.11% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $4.89 billion, up 41.17% from the prior-year quarter.

DVN's full-year Zacks Consensus Estimates are calling for earnings of $9.25 per share and revenue of $19.57 billion. These results would represent year-over-year changes of +162.04% and +64.2%, respectively.

Investors might also notice recent changes to analyst estimates for Devon Energy. 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.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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 2.58% higher. Devon Energy is currently a Zacks Rank #3 (Hold).

Digging into valuation, Devon Energy currently has a Forward P/E ratio of 7.52. Its industry sports an average Forward P/E of 5.09, so we one might conclude that Devon Energy is trading at a premium comparatively.

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 74, putting it in the top 30% 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.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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