In the latest trading session, Devon Energy (DVN) closed at $35.11, marking a +1.62% move from the previous day. This move outpaced the S&P 500's daily gain of 0.64%. At the same time, the Dow added 0.85%, and the tech-heavy Nasdaq gained 0.31%.
Shares of the oil and gas exploration company have depreciated by 0.26% over the course of the past month, outperforming the Oils-Energy sector's loss of 3.15% and the S&P 500's loss of 7.69%.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company is predicted to post an EPS of $1.23, indicating a 6.03% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.38 billion, up 21.73% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $4.90 per share and a revenue of $17.55 billion, representing changes of +1.66% and +10.12%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health 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.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.01% higher. Devon Energy is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Devon Energy currently has a Forward P/E ratio of 7.05. This expresses a discount compared to the average Forward P/E of 8.06 of its industry.
We can also see that DVN currently has a PEG ratio of 1.1. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. DVN's industry had an average PEG ratio of 1.18 as of yesterday's close.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 39, positioning it in the top 16% 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.
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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This article originally published on Zacks Investment Research (zacks.com).
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