Yahoo Finance Devon Energy (DVN) Rises As Market Takes a Dip: Key Facts
Devon Energy (DVN) closed at $52.61 in the latest trading session, marking a +0.98% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.46%. Meanwhile, the Dow lost 0.98%, and the Nasdaq, a tech-heavy index, lost 0.64%.
The oil and gas exploration company's shares have seen an increase of 5.34% over the last month, surpassing the Oils-Energy sector's gain of 4.21% and the S&P 500's loss of 3.04%.
Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company plans to announce its earnings on May 1, 2024. The company is expected to report EPS of $1.10, down 24.66% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $3.62 billion, indicating a 5.35% decline compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.25 per share and a revenue of $15.3 billion, representing changes of -8.06% and +0.26%, respectively, from the prior 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. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the past month, the Zacks Consensus EPS estimate has moved 8.9% higher. Right now, Devon Energy possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Devon Energy currently has a Forward P/E ratio of 9.92. This expresses a discount compared to the average Forward P/E of 10.37 of its industry.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 152, finds itself in the bottom 40% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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Devon Energy Corporation (DVN) : Free Stock Analysis Report
