Energy ETF (XES) Hits New 52-Week High
Investors seeking momentum may have SPDR S&P Oil & Gas Equipment & Services ET (XES) on radar now. The fund recently hit a new 52-week high. Shares of XES are up approximately 230% from their 52-week low of $19.55/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.
XES in Focus
The underlying S&P Oil & Gas Equipment & Services Select Industry Index represents the oil and gas equipment and services sub-industry portion of the S&P Total Markets Index. The expense ratio is 0.35% (see all Energy ETFs here).
Why the move?
On Mar 6, the Senate approved President Joe Biden's $1.9-trillion stimulus package, sending the amended bill back for a vote in the House. The Democratic-controlled Senate voted 50-to-49 to pass the "American Rescue Plan" through reconciliation. News for increased fiscal stimulus, growing distribution of coronavirus vaccine has boosted the bets over faster-than-expected normalcy. This, in turn boosted the price of oil and energy shares.
More Gains Ahead?
The fund has a positive weighted alpha of 157.08. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
