Devon Energy (DVN) Advances But Underperforms Market: Key Facts

Devon Energy (DVN) closed the most recent trading day at $36.97, moving +0.03% from the previous trading session. This change lagged the S&P 500's 0.16% gain on the day. Elsewhere, the Dow gained 0.01%, while the tech-heavy Nasdaq added 0.46%.The oil and gas exploration company's shares have seen a decrease of 0.94% over the last month, not keeping up with the Oils-Energy sector's gain of 1.79% and outstripping the S&P 500's loss of 3.59%.The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. On that day, Devon Energy is projected to report earnings of $1.24 per share, which would represent year-over-year growth of 6.9%. Alongside, our most recent consensus estimate is anticipating revenue of $4.39 billion, indicating a 22.15% upward movement from the same quarter last year.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.89 per share and revenue of $17.49 billion, indicating changes of +1.45% and +9.74%, respectively, compared to the previous year.Investors should also note any 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.Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.47% downward. Devon Energy is currently a Zacks Rank #3 (Hold).Looking at valuation, Devon Energy is presently trading at a Forward P/E ratio of 7.55. This signifies a discount in comparison to the average Forward P/E of 8.54 for its industry.It is also worth noting that DVN currently has a PEG ratio of 1.18. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Oil and Gas - Exploration and Production - United States industry stood at 1.23 at the close of the market yesterday.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 78, putting it in the top 32% of all 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.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks