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XOP hits a new 52-week high, gaining 62.3% from its low.
Middle East tensions and elevated oil prices could fuel further gains.
XOP's positive weighted alpha of 69.87 hints at continued momentum.
State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has surged 62.3% from its 52-week low price of $122.11 per 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.
XOP in Focus
The underlying S&P Oil & Gas Exploration & Production Select Industry Index represents the oil and gas exploration and production sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Oil & Gas Exploration Index is a modified equal weight index. The product charges 0.35% in annual fees.
Why the Move?
The energy sector has been an area to watch as the escalation of the Middle East conflict, marked by retaliatory strikes between Washington and Tehran, pushed oil prices to multi-week highs. Rising expectations of a prolonged conflict could provide another tailwind for the fund, as continued geopolitical tensions are likely to keep oil prices elevated for longer.
More Gains Ahead?
XOP might continue its strong performance in the near term, with a positive weighted alpha of 69.87 (per Barchart.com), which hints at a rally.
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Energy ETF (XOP) Hits New 52-Week High
Key Takeaways
State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has surged 62.3% from its 52-week low price of $122.11 per 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.
XOP in Focus
The underlying S&P Oil & Gas Exploration & Production Select Industry Index represents the oil and gas exploration and production sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Oil & Gas Exploration Index is a modified equal weight index. The product charges 0.35% in annual fees.
Why the Move?
The energy sector has been an area to watch as the escalation of the Middle East conflict, marked by retaliatory strikes between Washington and Tehran, pushed oil prices to multi-week highs. Rising expectations of a prolonged conflict could provide another tailwind for the fund, as continued geopolitical tensions are likely to keep oil prices elevated for longer.
More Gains Ahead?
XOP might continue its strong performance in the near term, with a positive weighted alpha of 69.87 (per Barchart.com), which hints at a rally.