iShares Global Energy ETF (IXC) Hits a 52-Week High

For investors looking for momentum, iShares Global Energy ETF IXC is probably a suitable pick. The fund hit a 52-week high and is up 71.1% from its 52-week low price of $23.08/share.

Let’s look at the fund and its near-term outlook to gain an insight into where it might be headed.

IXC in Focus

iShares Global Energy ETF seeks to track the investment results of an index composed of global equities in the energy sector. It has an AUM of $2.24 billion and charges an expense ratio of 43 basis points.

Why the Move?

The energy space has been a prime investment area, holding the interest of market participants since the beginning of the year. Reopening global economies, accelerating coronavirus vaccine rollout and improving labor markets were adding to the sector’s strength. The rally in oil prices due to the Russia-Ukraine crisis raised the sector’s momentum. This is making funds like IXC an impressive investment bet.

More Gains Ahead?

It seems as if the iShares Global Energy ETF will remain strong, with a positive weighted alpha of 58.40, which gives cues of a further rally.

Zacks Names "Single Best Pick to Double"

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.

This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.