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iShares U.S. Energy ETF (IYE) Hits a 52-Week High
For investors looking for momentum, iShares U.S. Energy ETF (IYE - Free Report) is probably a suitable pick. The fund hit a 52-week high and is up 90.6% from its 52-week low price of $24.49/share.
Let’s look at the fund and its near-term outlook to gain an insight into where it might be headed.
IYE in Focus
iShares U.S. Energy ETF seeks to track the investment results of an index composed of U.S. equities in the energy sector. IYE has an AUM of $3.20 billion and charges an expense ratio of 41 basis points.
Why the Move?
The energy space has been a prime investment area, holding the interest of market participants since the beginning of the year. Reopening global economies, accelerating coronavirus vaccine rollout and improving labor markets were adding to the sector’s strength. The rally in oil prices due to the Russia-Ukraine crisis raised the sector’s momentum. This is making funds like IYE an impressive investment bet.
More Gains Ahead?
It seems as if the iShares U.S. Energy ETF will remain strong, with a positive weighted alpha of 79.40, which gives cues of a further rally.