Oil Price Surge Lifts NDIV Energy ETF to 40.8% YTD Gain
Oil prices have been rising steadily over the past two months, reaching as high as $99.46 per barrel on Tuesday, according to the Associated Press.
This surge in oil prices has lifted the Amplify Energy & Natural Resources Covered Call ETF (NDIV), which has returned 40.8% year-to-date and more than double its Materials category average of 17.4%.
The fund's top holdings, Crescent Energy Co. and Northern Oil and Gas, have beaten quarterly earnings estimates, with Crescent Energy reporting a 55.3% revenue increase year-over-year and Northern Oil and Gas seeing free cash flow jump 400% from the prior quarter.
Other energy-related stocks, such as AngloGold Ashanti and Petrobras, have also surged this year on higher gold and oil prices, with Petrobras' shares up more than 74% and AngloGold Ashanti's shares gaining 26% in a single week last month.