Devon Energy (DVN) Outperforms Broader Market: What You Need to Know

Devon Energy (DVN) closed the most recent trading day at $33.93, moving +1.59% from the previous trading session. The stock outpaced the S&P 500's daily gain of 1.26%. Meanwhile, the Dow gained 0.8%, and the Nasdaq, a tech-heavy index, added 1.77%.The the stock of oil and gas exploration company has fallen by 7.12% in the past month, lagging the Oils-Energy sector's loss of 5.1% and the S&P 500's loss of 2.82%.Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company's upcoming EPS is projected at $0.97, signifying a 31.21% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $4.21 billion, indicating a 1.64% upward movement from the same quarter last year.Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. These revisions help to show the ever-changing nature of 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 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.1% decrease. At present, Devon Energy boasts a Zacks Rank of #3 (Hold).In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 7. For comparison, its industry has an average Forward P/E of 9.84, which means Devon Energy is trading at a discount to the group.It's also important to note that DVN currently trades at a PEG ratio of 1.06. 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 the market closed yesterday, the Oil and Gas - Exploration and Production - United States industry was having an average PEG ratio of 1.22.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 157, positioning it in the bottom 38% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant 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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks