For investors seeking momentum, Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 36% from its 52-week low price of $50.49/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:

IEO in Focus
  
This ETF offers exposure to U.S. companies that are engaged in the exploration, production, and distribution of oil and gas. It is home to 63 securities with a double-digit allocation to the top two firms, while others hold less than 7% share. It charges 44 basis points in annual fees.

Why the Move?

The energy segment of the broad market has been an area to watch lately given the soaring oil prices. Brent jumped to $70 per barrel for the first time since December 2014 while WTI crude broke above $64 per barrel. This is primarily thanks to return of geopolitical uncertainty in Iran — one of the major oil producers — OPEC-led output cuts, and soaring demand. Further, the state of backwardation (where later-dated contracts are cheaper than near-term contracts) in the oil market after three long years is acting as the biggest catalyst. All these fundamentals have set the stage for a strong rally in the energy stocks and ETFs for the near term.

More Gains Ahead?

Currently, IEO has a Zacks ETF Rank #3 (Hold) with a Low 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 a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.