Devon Energy (DVN) Stock Sinks As Market Gains: What You Should Know

Devon Energy (DVN) closed at $36.55 in the latest trading session, marking a -3.49% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.64%. At the same time, the Dow added 1.23%, and the tech-heavy Nasdaq gained 0.69%. The oil and gas exploration company's stock has climbed by 1.07% in the past month, falling short of the Oils-Energy sector's gain of 1.8% and outpacing the S&P 500's gain of 0.55%.The investment community will be closely monitoring the performance of Devon Energy in its forthcoming earnings report. The company's upcoming EPS is projected at $0.95, signifying a 18.10% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $4.27 billion, reflecting a 2.93% fall from the equivalent quarter last year. For the full year, the Zacks Consensus Estimates are projecting earnings of $4.04 per share and revenue of $17.34 billion, which would represent changes of -16.18% and 0%, respectively, from the prior year. Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, 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 past month, there's been a 2.74% fall in the Zacks Consensus EPS estimate. Devon Energy is holding a Zacks Rank of #3 (Hold) right now. With respect to valuation, Devon Energy is currently being traded at a Forward P/E ratio of 10.18. This expresses a discount compared to the average Forward P/E of 10.57 of its industry. Meanwhile, DVN's PEG ratio is currently 3.1. 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 Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 3 as trading concluded yesterday. The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 181, this industry ranks in the bottom 27% of all industries, numbering over 250. The Zacks Industry Rank gauges the strength of our individual 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. You can find more information on all of these metrics, and much more, on Zacks.com. Zacks' Research Chief Picks Stock Most Likely to "At Least Double"Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren’t winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%.See Our Top Stock to Double (Plus 4 Runners Up) >>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