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Energy ETF (PXJ) Hits New 52-Week High
For investors seeking momentum, Invesco Dynamic Oil & Gas Services ETF (PXJ - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 80% from its 52-week low price of $51.66/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 on where it might be headed:
PXJ in Focus
Invesco Dynamic Oil & Gas Services ETF targets the energy sector and evaluates companies based on a variety of investment merit criteria, including price momentum, earnings momentum, quality, management action and value. It charges investors 63 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 a rise in oil prices. China reopening after COVID curbs are expected to drive the demand higher, resulting in a boost to the energy stocks. However, a surprise build in U.S. crude stock — biggest since February 2021 – could put downward pressure on oil price.
More Gains Ahead?
Currently, PXJ has a Zacks ETF Rank #2 (Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead. However, many spaces 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.