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

Devon Energy (DVN) ended the recent trading session at $37.47, demonstrating a +1.35% swing from the preceding day's closing price. This move outpaced the S&P 500's daily loss of 1.12%. Meanwhile, the Dow experienced a drop of 0.31%, and the technology-dominated Nasdaq saw a decrease of 2.04%.Coming into today, shares of the oil and gas exploration company had gained 3.04% in the past month. In that same time, the Oils-Energy sector gained 3.39%, while the S&P 500 lost 2.91%.The investment community will be paying close attention to the earnings performance of Devon Energy in its upcoming release. The company is expected to report EPS of $1.24, up 6.9% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $4.39 billion, reflecting a 22.15% rise from the equivalent quarter last year.In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.89 per share and a revenue of $17.49 billion, indicating changes of +1.45% and +9.74%, respectively, from the former year.Investors might also notice recent changes to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.47% lower. Devon Energy presently features a Zacks Rank of #3 (Hold).From a valuation perspective, Devon Energy is currently exchanging hands at a Forward P/E ratio of 7.55. This valuation marks a discount compared to its industry's average Forward P/E of 8.6.Meanwhile, DVN's PEG ratio is currently 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. As of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 1.23.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 136, positioning it in the bottom 46% 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.Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>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