For investors seeking momentum, iShares U.S. Oil Equipment & Services ETF (IEZ Quick QuoteIEZ - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 65% from its 52-week low of $13.47 per 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:

IEZ in Focus

The underlying Dow Jones US Select Oil Equip & Serv Ind is a free-float adjusted market capitalization-wghtd index. It measures the performance of oil equipment & services sector of US equity market by including companies that are suppliers of equipment or services to oil fields & offshore platforms, such as drilling, exploration, engineering, logistics, seismic information services & platform construction. The fund charges 39 bps in fees and yields 0.63% annually.

Why the Move?

The segment was bullish thanks to the upbeat oil market. OPEC+ output cuts, an easing of the dollar, and continued risks of supply due to the prolonged supply-chain crisis – all contributed to the gains in energy ETFs.

More Gains Ahead?

The fund has a positive weighted alpha of 45.70. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.