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SPDR S&P Oil & Gas Exploration & Production ETF (XOP) - free report >>
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SPDR S&P Oil & Gas Exploration & Production ETF (XOP) - free report >>
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Oil & Gas Exploration & Production ETF (XOP) Hits New 52-Week High
For investors seeking momentum, SPDR S&P Oil & Gas Exploration & Production ETF (XOP - Free Report) isprobably on radar now. The fund just hit a 52-week high and is up over 81% from its 52-week low price of $22.06/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
XOP in Focus
This product offers exposure to the oil and gas exploration and production industry. Western Refining (2.70%), California Resources Corp (2.47%) and Whiting Petroleum Corporation (2.41%) are top three holdings of the fund. The fund charges 35 bps in fees (see all Energy ETFs here).
Why the Move?
The energy fund appears to be a beneficiary of the oil price jump on hopes of an output curb in the OPEC meeting scheduled later this month. WTI and Brent crude surged over 4% yesterday.
More Gains Ahead?
The fund has a Zack ETF Rank #3 (Hold) with a High risk outlook. So, it is hard to get a handle on its future returns one way or another. However, it seems that XOP might continue with its strength given a positive weighted alpha of 19.90. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.
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