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Energy ETF (FENY) Hits New 52-Week High
Fidelity Energy MSCI ETF (FENY - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 30.78% from its 52-week low price of $20.73/share.
Are more gains in store for this ETF? Let us 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.
FENY in Focus
The underlying MSCI USA IMI Energy Index represents the performance of the energy sector in the U.S. equity market. The product charges 8 bps in annual fees (see: all Energy ETFs).
Why the Move?
The energy sector has been an area to watch lately, given rising oil prices driven by the ongoing geopolitical tensions in the Middle East, and between Russia and Ukraine. Improving demand is further supporting the push in oil prices. Further, the oil cartel OPEC+ extended the voluntary output reductions until the second quarter of 2024.
More Gains Ahead?
Currently, FENY has a Zacks ETF Rank #3 (Hold) and a High risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 16.72, which gives cues of a further rally.