Energy ETF (FRAK) Hits New 52-Week High
The energy ETF hit a 52-week high. Can it soar higher?
Investors seeking momentum may have VanEck Vectors Unconventional Oil & Gas ETF FRAK on radar now. The fund recently hit a new 52-week high. Shares of FRAK are up approximately 211.6% from their 52-week low of $52.00/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
FRAK In Focus
The underlying MVIS Global Unconventional Oil & Gas Index tracks the overall performance of companies involved in the exploration, development, extraction, and/or production of unconventional oil and natural gas.The fund charges 54 bps in fees.
Why The Move?
Oil and gas prices have been super-sturdy lately. Oil is hovering around a $80 level. The recent rally has been driven by supply disruptions and storage drawdowns as well as growing demand with the easing of pandemic restrictions. Meanwhile, natural gas prices spiked to a seven-year high buoyed by the growing concerns over tight winter supplies.
More Gains Ahead?
The fund has a positive weighted alpha of 161.89. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%.
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
VanEck Vectors Unconventional Oil & Gas ETF (FRAK): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research