Devon Energy (DVN) Rises As Market Takes a Dip: Key Facts

Devon Energy (DVN) ended the recent trading session at $51.62, demonstrating a +1.32% swing from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 0.72%. Elsewhere, the Dow saw a downswing of 1%, while the tech-heavy Nasdaq depreciated by 0.95%.

Coming into today, shares of the oil and gas exploration company had gained 14.83% in the past month. In that same time, the Oils-Energy sector gained 6.92%, while the S&P 500 gained 2.16%.

Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company plans to announce its earnings on May 1, 2024. In that report, analysts expect Devon Energy to post earnings of $1.07 per share. This would mark a year-over-year decline of 26.71%. Alongside, our most recent consensus estimate is anticipating revenue of $3.58 billion, indicating a 6.26% downward movement from the same quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $4.74 per share and a revenue of $14.88 billion, representing changes of -16.99% and -2.45%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Devon Energy. These revisions help to show the ever-changing nature 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.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 8.43% lower. Currently, Devon Energy is carrying a Zacks Rank of #4 (Sell).

Digging into valuation, Devon Energy currently has a Forward P/E ratio of 10.74. For comparison, its industry has an average Forward P/E of 11.33, which means Devon Energy is trading at a discount to the group.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 212, this industry ranks in the bottom 16% of all industries, numbering over 250.

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.

Keep in mind to rely on to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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