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In the latest market close, Devon Energy (DVN) reached $40.37, with a -0.22% movement compared to the previous day. This move was narrower than the S&P 500's daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
The oil and gas exploration company's stock has dropped by 8.13% in the past month, falling short of the Oils-Energy sector's loss of 2.45% and the S&P 500's gain of 1.57%.
Investors will be eagerly watching for the performance of Devon Energy in its upcoming earnings disclosure. The company is expected to report EPS of $1.21, down 26.67% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.86 billion, up 0.62% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.18 per share and a revenue of $15.6 billion, signifying shifts of -9.28% and +2.25%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 past month, there's been a 4.41% fall in the Zacks Consensus EPS estimate. Devon Energy is currently a Zacks Rank #3 (Hold).
Looking at valuation, Devon Energy is presently trading at a Forward P/E ratio of 7.81. Its industry sports an average Forward P/E of 9.95, so one might conclude that Devon Energy is trading at a discount comparatively.
Meanwhile, DVN's PEG ratio is currently 1.18. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. DVN's industry had an average PEG ratio of 1.24 as of yesterday's close.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 218, placing it within the bottom 14% of over 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Zacks Investment Research
Devon Energy Corporation , headquartered in Oklahoma City, is a leading independent energy company engaged in the exploration, development, and production of oil, natural gas, and natural gas liquids. With a market cap of $25.05 billion, Devon is a key player in the energy sector, leveraging its expertise and innovative technologies to deliver sustainable energy solutions while driving value for shareholders.
Companies valued at $10 billion or more are typically classified as “large-cap” stocks and Devon Energy perfectly fits into this category. Devon believes in creating lasting shareholder value while being dedicated to sustainability and community engagement.
DVN shares are trading 26.6% below their 52-week high of $55.09, which they hit on Apr. 12. Also, the stock has declined 12% over the past three months, significantly underperforming the Dow Jones Industrial Average Index’s ($DOWI) 7.3% returns over the same time frame.
In the longer term, DVN is down 10.7% on a YTD basis, and the shares have declined 18.6% over the past 52 weeks. The Dow has gained 10.4% in 2024 and 20.2% over the past year.
To confirm its bearish trend, DVN has been trading below its 50-day moving average since mid-July and the 200-day moving average since late July.
On Aug. 6, Devon Energy reported Q2 earnings. The stock gained 1.2% on the earnings release day and 2.8% in the next trading session. DVN raised the full-year 2024 production forecast for the second consecutive quarter. In addition, on Jul.15, Devon Energy closed up more than 3% amid speculation that a Trump win in the upcoming election will lead to reduced regulation in U.S. oil drilling.
Highlighting the contrast in performance, rival Marathon Oil Corporation has outperformed DVN, with a 1.8% gain over the 52 weeks.
Despite DVN's recent underperformance compared to the Dow, analysts are moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy" from 24 analysts in coverage. The mean price target is $55.74, which suggests a premium of 37.8% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
** S&P 500 Energy Sector .SPNY gains 1%, tracking crude pricesO/R
** Brent crude LCoc1 up 0.8% at $73.36/bbl and U.S. West Texas Intermediate crude CLc1 up 1.2% at $70.95/bbl, as focus turns to the U.S. Federal Reserve's two-day policy meeting that concludes on Wednesday
** Traders on Tuesday kept bets the Fed will start an expected series of interest rate cuts with a half-percentage-point move downward
** Prices also receive support from prospects of lower U.S. crude stockpiles and concerns over U.S. production in the aftermath of Hurricane Francine
** Energy majors Exxon Mobil XOM.N and Chevron CVX.N both rise ~1%
** Shares of Devon Energy DVN.N, Diamondback Energy FANG.O, Halliburton HAL.N, Conocophillips COP.N and Marathon Oil MRO.N gain between 1.5% and 1.9%
** APA Corp APA.O rises 2.4% - the top pct gainer on the energy index
(Reporting by Vallari Srivastava in Bengaluru)
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