Invesco Oil & Gas Services ETF (NYSEARCA:PXJ) Trading 0.9% Higher – Should You Buy?

Invesco Oil & Gas Services ETF (NYSEARCA:PXJ) was up 0.9% during trading on Monday . The company traded as high as $41.11 and last traded at $41.11. 48,455 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 42,577 shares. The stock had previously closed at $40.73.

Invesco Oil & Gas Services ETF News Summary

Here are the key news stories impacting Invesco Oil & Gas Services ETF this week:

• Negative Sentiment: Oil prices fell sharply as tanker traffic through the Strait of Hormuz normalized, reducing the risk premium that had supported energy shares. Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Dives 4.5% As Tankers Openly Transit The Strait Of Hormuz
• Negative Sentiment: Reuters reported signs of near-term oversupply, with later-dated Brent trading above prompt prices, suggesting softer immediate demand for crude. Oil markets start to signal near-term oversupply as tankers exit Strait of Hormuz
• Negative Sentiment: Multiple reports said additional tankers and millions of barrels of crude were exiting the Strait of Hormuz, increasing global supply and pressuring prices lower. More stranded oil tankers exit Hormuz, adding to global supply
• Negative Sentiment: U.S. officials said roughly 20 million barrels moved through Hormuz in the last 24 hours, reinforcing that supply disruptions are fading. US Energy Secretary Wright says 20 mln barrels of oil exited Hormuz in last 24 hours
• Negative Sentiment: Trump called for a DOJ probe into oil companies over gasoline prices, adding headline risk for the broader energy sector. Trump instructs DOJ to probe oil companies over higher gasoline prices

Invesco Oil & Gas Services ETF Stock Down 3.4%

The firm has a 50-day moving average of $43.50 and a 200 day moving average of $38.78. The stock has a market capitalization of $119.22 million, a P/E ratio of 9.62 and a beta of 0.74.

Hedge Funds Weigh In On Invesco Oil & Gas Services ETF

A number of hedge funds have recently made changes to their positions in the business. Bank of America Corp DE boosted its position in shares of Invesco Oil & Gas Services ETF by 1,933.6% during the 1st quarter. Bank of America Corp DE now owns 143,148 shares of the company’s stock valued at $5,933,000 after acquiring an additional 136,109 shares in the last quarter. Quantinno Capital Management LP acquired a new position in Invesco Oil & Gas Services ETF in the first quarter worth about $240,000. Independent Financial Group LLC acquired a new position in Invesco Oil & Gas Services ETF in the first quarter worth about $460,000. Private Advisor Group LLC acquired a new position in Invesco Oil & Gas Services ETF in the first quarter worth about $466,000. Finally, MinichMacGregor Wealth Management LLC bought a new position in Invesco Oil & Gas Services ETF during the first quarter worth about $376,000.

Invesco Oil & Gas Services ETF Company Profile

The Invesco Dynamic Oil & Gas Services ETF (PXJ) is an exchange-traded fund that mostly invests in energy equity. The fund tracks an index of US companies in the oil and gas services sector that are weighted in tiers. The index uses a multi-factor methodology to select holdings. PXJ was launched on Oct 26, 2005 and is managed by Invesco.