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Invesco Energy Exploration & Production ETF (PXE) - free report >>
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Invesco Energy Exploration & Production ETF (PXE) - free report >>
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Oil & Energy ETF (PXE) Hits New 52-Week High
Investors seeking momentum may have Dynamic Energy Exploration & Production Invesco (PXE - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of PXE are up approximately 100% from their 52-week low of $11.04/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
Dynamic Energy Exploration & Production Invesco (PXE - Free Report)
The underlying Dynamic Energy Exploration & Production Intellidex Index is composed of stocks of 30 U.S. companies involved in the exploration and production of natural resources used to produce energy. The ETF charges 63 bps in fees.
Why The Move?
Oil prices have been rising since the beginning of 2022. In fact, Brent crude and U.S. West Texas Intermediate (WTI) have touched their highest prices since late November. The latest upside in the crude oil prices have been led by a variety of factors like easing Omicron variant concerns, protests in Kazakhstan and outages in Libya. Also, steady improvement in the demand outlook for energy will likely be in the cards if there is a vaccine targeted at Omicron and other variants.
More Gains Ahead?
The Zacks Rank #3 (Hold) fund has a positive weighted alpha of 83.35. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.