Devon Energy (DVN) closed at $51 in the latest trading session, marking a -1.72% move from the prior day. This change lagged the S&P 500's 0.36% gain on the day. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.1%.
Prior to today's trading, shares of the oil and gas exploration company had lost 33.51% over the past month. This has lagged the Oils-Energy sector's loss of 19.28% and the S&P 500's loss of 6.59% in that time.
Devon Energy will be looking to display strength as it nears its next earnings release, which is expected to be August 1, 2022. In that report, analysts expect Devon Energy to post earnings of $2.29 per share. This would mark year-over-year growth of 281.67%. Our most recent consensus estimate is calling for quarterly revenue of $4.67 billion, up 93.1% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $9.10 per share and revenue of $18.46 billion. These totals would mark changes of +157.79% and +54.87%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Devon Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.11% higher within the past month. Devon Energy is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Devon Energy is holding a Forward P/E ratio of 5.7. This valuation marks a premium compared to its industry's average Forward P/E of 3.97.
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 12, putting it in the top 5% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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