Devon Energy (DVN) closed the most recent trading day at $39.51, moving -1.64% from the previous trading session. The stock fell short of the S&P 500, which registered a loss of 0.92% for the day. At the same time, the Dow lost 0.96%, and the tech-heavy Nasdaq lost 1.6%.

Shares of the oil and gas exploration company have depreciated by 2.05% over the course of the past month, outperforming the Oils-Energy sector's loss of 9.71% and lagging the S&P 500's gain of 2.68%.

Market participants will be closely following the financial results of Devon Energy in its upcoming release. The company plans to announce its earnings on November 5, 2024. The company's earnings per share (EPS) are projected to be $1.10, reflecting a 33.33% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $3.77 billion, showing a 1.6% drop compared to the year-ago quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.98 per share and revenue of $15.45 billion, indicating changes of -12.78% and +1.24%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Devon Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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 past month, the Zacks Consensus EPS estimate has shifted 2.05% downward. At present, Devon Energy boasts a Zacks Rank of #4 (Sell).

In terms of valuation, Devon Energy is currently trading at a Forward P/E ratio of 8.06. This denotes a discount relative to the industry's average Forward P/E of 10.45.

We can additionally observe that DVN currently boasts a PEG ratio of 1.22. 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. The average PEG ratio for the Oil and Gas - Exploration and Production - United States industry stood at 1.33 at the close of the market yesterday.