Devon Energy (DVN) Advances While Market Declines: Some Information for Investors

Devon Energy (DVN) closed at $35.37 in the latest trading session, marking a +0.74% move from the prior day. This move outpaced the S&P 500's daily loss of 1.07%. Elsewhere, the Dow saw a downswing of 0.62%, while the tech-heavy Nasdaq depreciated by 1.71%.Heading into today, shares of the oil and gas exploration company had gained 1.36% over the past month, outpacing the Oils-Energy sector's loss of 1.46% and the S&P 500's loss of 7.03% in that time.The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. It is anticipated that the company will report an EPS of $1.24, marking a 6.9% rise compared to the same quarter of the previous 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 full year, the Zacks Consensus Estimates are projecting earnings of $4.90 per share and revenue of $17.55 billion, which would represent changes of +1.66% and +10.12%, respectively, from the prior year.Investors should also note any recent changes to analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.01% increase. Devon Energy is holding a Zacks Rank of #2 (Buy) right now.With respect to valuation, Devon Energy is currently being traded at a Forward P/E ratio of 7.17. Its industry sports an average Forward P/E of 8.1, so one might conclude that Devon Energy is trading at a discount comparatively.We can also see that DVN currently has a PEG ratio of 1.12. 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. As of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 1.2.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 56, putting it in the top 23% of all 250+ industries.The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.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