Yahoo Finance Devon Energy (DVN) Stock Falls Amid Market Uptick: What Investors Need to Know
Devon Energy (DVN) closed the latest trading day at $40.69, indicating a -1.24% change from the previous session's end. This change lagged the S&P 500's 0.47% gain on the day. At the same time, the Dow added 0.79%, and the tech-heavy Nasdaq gained 0.28%.
The the stock of oil and gas exploration company has risen by 1.83% in the past month, leading the Oils-Energy sector's loss of 6.86% and undershooting the S&P 500's gain of 3.48%.
The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. The company is scheduled to release its earnings on November 5, 2024. The company is expected to report EPS of $1.12, down 32.12% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.79 billion, down 1.33% from the prior-year quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.01 per share and a revenue of $15.45 billion, representing changes of -12.26% and +1.24%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Devon Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 last 30 days, the Zacks Consensus EPS estimate has moved 4.34% lower. Right now, Devon Energy possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 8.23. This expresses a discount compared to the average Forward P/E of 9.58 of its industry.
Also, we should mention that DVN has a PEG ratio of 1.25. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 1.31 as of yesterday's close.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 247, placing it within the bottom 2% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Devon Energy Corporation (DVN) : Free Stock Analysis Report
