The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Devon Energy (DVN) one of those stocks right now? Let’s take a closer look at the stock’s year-to-date performance to find out.
Devon Energy is a member of the Oils-Energy sector. This group includes 254 individual stocks and currently holds a Zacks Sector Rank of #2. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Devon Energy is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for DVN’s full-year earnings has moved 18.3% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Our latest available data shows that DVN has returned about 40.3% since the start of the calendar year. In comparison, Oils-Energy companies have returned an average of 36.5%. This means that Devon Energy is performing better than its sector in terms of year-to-date returns.
One other Oils-Energy stock that has outperformed the sector so far this year is Baytex Energy (BTE). The stock is up 70.3% year-to-date.
Over the past three months, Baytex Energy’s consensus EPS estimate for the current year has increased 61.5%. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Devon Energy belongs to the Oil and Gas – Exploration and Production – United States industry, a group that includes 34 individual companies and currently sits at #25 in the Zacks Industry Rank. On average, stocks in this group have gained 34.1% this year, meaning that DVN is performing better in terms of year-to-date returns.
Baytex Energy, however, belongs to the Oil and Gas – Exploration and Production – Canadian industry. Currently, this 7-stock industry is ranked #21. The industry has moved +65.4% so far this year.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to Devon Energy and Baytex Energy as they could maintain their solid performance.
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Devon Energy Corporation (DVN) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
