Devon Energy (DVN) Stock Slides as Market Rises: Facts to Know Before You Trade

The latest trading session saw Devon Energy (DVN) ending at $52.10, denoting a -0.89% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 0.02%. Elsewhere, the Dow lost 0.11%, while the tech-heavy Nasdaq added 0.1%.

Shares of the oil and gas exploration company have appreciated by 7.75% over the course of the past month, outperforming the Oils-Energy sector's gain of 4.26% and the S&P 500's loss of 3.01%.

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. On that day, Devon Energy is projected to report earnings of $1.10 per share, which would represent a year-over-year decline of 24.66%. At the same time, our most recent consensus estimate is projecting a revenue of $3.62 billion, reflecting a 5.35% fall from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.22 per share and a revenue of $15.25 billion, indicating changes of -8.58% and -0.08%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for Devon Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an 8.21% increase. Devon Energy is holding a Zacks Rank of #3 (Hold) right now.

In terms of valuation, Devon Energy is presently being traded at a Forward P/E ratio of 10.07. This represents a discount compared to its industry's average Forward P/E of 10.48.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 177, finds itself in the bottom 30% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.

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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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