See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
SPDR S&P Oil & Gas Exploration & Production ETF (XOP) - free report >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SPDR S&P Oil & Gas Exploration & Production ETF (XOP) - free report >>
Image: Bigstock
Energy ETF (XOP) Hits New 52-Week High
For investors seeking momentum, S&P Oil & Gas Exploration & Production ETF (XOP - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 127% from its 52-week low price of $71.48/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:
XOP in Focus
S&P Oil & Gas Exploration & Production ETF targets the oil and gas exploration and production corner of the broad energy space. It charges investors 35 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 buoyed by supply disruptions and unprecedented demand. given the oil price surge. Oil resumed its strength and reached its highest levels since March after Saudi Arabia raised crude prices for July. Easing of COVID-19 restrictions in China and the European Union agreement to ban 90% of Russian crude by the end of the year added to the strength. The dual news will continue to bolster demand and exacerbate worries over the already tightening supply.
More Gains Ahead?
Currently, XOP has a Zacks ETF Rank #1 (Strong Buy) 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.