Weaker oil and gas prices continued to weigh on Devon Energy (NYSE: DVN) during the second quarter. The oil company's earnings and cash flow plummeted compared to the prior-year period when pricing was much higher. That left it with less cash to return to investors via dividends and share repurchases.

The decline in earnings and shareholder returns has weighed on Devon's shares, which currently sit 35% below their 52-week high. That sell-off has pushed the oil stock into bargain territory. Here's a closer look at the company's valuation, which suggests it's extremely cheap right now. 

Compared to last year, Devon had a rough quarter financially:

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Source Fool.com