Investors seeking momentum may have SPDR S&P Oil & Gas Equipment & Services ET (XES Quick QuoteXES - Free Report) ) 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.

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