For investors seeking momentum, Invesco DWA Energy Momentum ETF (PXI Quick QuotePXI - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 172% from its 52-week low price of $11.72/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:

PXI in Focus

This fund targets the energy sector and provides exposure to the companies that are showing relative strength (momentum). It charges investors 60 basis points a year in fees (see: all the Energy ETFs here).

Why the Move?

The energy sector has been an area to watch lately given an oil price surge. Supply disruptions and storage drawdowns as well as growing demand with the easing of pandemic restrictions are driving oil prices higher. Added to the strength is growing fuel demand. The overall demand for fuel has rebounded to pre-pandemic levels.

More Gains Ahead?

Currently, PXI has a Zacks ETF Rank #3 (Hold) with a High risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.