For investors seeking momentum, VanEck Vectors Oil Refiners ETF (CRAK Quick QuoteCRAK - Free Report) is probably on radar now. The fund just hit a new 52-week high and is up nearly 42.6% from its 52-week low price of $24.08/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:

CRAK in Focus

This fund offers exposure to the overall performance of companies involved in crude oil refining. It holds a small basket of 26 stocks with no stock holding more than 8.07% of the basket. American firms account for about 34.9% share followed by Japan (14.87%). Other countries like India and Finland receive the next two spots, but with a single-digit allocation. The ETF charges 59 bps in fees (see: all the energy ETFs here).

Why the Move?

The credit goes to upbeat earnings at some of the top constituents of the fund. Stocks like Phillips 66, Valero Energy and Marathon Petroleum beat on both lines recently and benefited the fund.

More Gains Ahead?

It seems that this fund might stay strong given a positive weighted alpha of 37.20%. As a result, there is still some promise for investors who want to ride on this surging ETF.

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