For investors seeking momentum, PowerShares Dynamic Energy Exploration & Production Portfolio (PXE Quick QuotePXE - Free Report) is probably on radar now. The fund just hit a 52-week high and is up more than 41% from its 52-week low price of $17.35/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:

PXE in Focus

This fund offers exposure to 30 U.S. companies involved in the exploration and production of natural resources used to produce energy. The stocks are evaluated on a variety of investment merit criteria, including price momentum, earnings momentum, quality, management action and value. PXE charges 0.80% in expense ratio (see: all the Energy ETFs here).

Why the Move?

The energy corner of the broad investing world has been an area to watch lately given the spike in oil price. Crude spiked to above $70 per barrel for the first time since late November amid rising U.S. production. This is especially true given strong demand, OPEC output cuts, and potential U.S. sanctions on Iran.

More Gains Ahead?

Currently, PXE has a Zacks ETF Rank #3 (Hold) 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 strong a Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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