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Energy ETF (XLE) Hits New 52-Week High
Investors seeking momentum may have Energy Select Sector SPDR ETF (XLE - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of XLE are up approximately 120% from their 52-week low of $26.98/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.
XLE In Focus
The underlying Energy Select Sector Index includes companies from the following industries: oil, gas & consumable fuels and energy equipment & services. The fund charges 12 bps in fees.
Why The Move?
Oil prices have been surging over the past few weeks, thanks to supply disruptions and rising demand. Brent crude prices topped $85 per barrel lately, for the first time since late 2014, and up about 125% from the end of last October. Per WSJ, many traders are again betting that crude would top $100 a barrel by the year-end.
More Gains Ahead?
The fund has a Zacks Rank #3 (Hold). It also has a positive weighted alpha of 90.41. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.