For investors seeking momentum, First Trust Nasdaq Oil & Gas ETF (FTXN Quick QuoteFTXN - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 75.4% from its 52-week low price of $14.52/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 of where it might be headed:

FTXN in Focus

First Trust Nasdaq Oil & Gas ETF follows the Nasdaq US Smart Oil & Gas Index, which measures the performance of the most-liquid oil and gas securities from the NASDAQ US Benchmark Index screened through volatility, value and growth. 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. Oil price spiked to $130 per barrel on ongoing tensions between Russia and West over Ukraine. The United States is in talks with European allies to potentially sanction Russian crude oil in response to Moscow's ongoing aggression in Ukraine. This will disrupt the oil supply in the already tight energy market.

More Gains Ahead?

Currently, FTXN 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.