Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF (NYSEARCA:GUSH) Stock Price Up 0.4% – Time to Buy?

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF (NYSEARCA:GUSH) shares rose 0.4% during mid-day trading on Wednesday. The company traded as high as $50.91 and last traded at $50.05. 350,357 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,102,222 shares. The stock had previously closed at $49.83.

Key Stories Impacting Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF

Here are the key news stories impacting Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF this week:

• Positive Sentiment: U.S. commercial crude inventories declined by 1.9 million barrels for a fourth consecutive week. Falling stockpiles support crude prices and could benefit the exploration and production companies represented in GUSH. U.S. Crude Oil Stockpiles Fall for Fourth Straight Week
• Positive Sentiment: Traders remain concerned that renewed military action involving Iran could disrupt Middle East oil supplies. Those escalation risks recently pushed WTI and Brent higher, supporting the revenue outlook for oil producers and providing a tailwind for leveraged GUSH. Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Rising Risks of Escalation in the Middle East
• Positive Sentiment: Oil also gained as traders focused on developments on the ground rather than diplomatic efforts, suggesting that supply-risk premiums remain embedded in crude prices. Oil Rises as Traders Focus on Potential Supply Risks
• Neutral Sentiment: Despite reports of substantial Gulf oil output, prices have remained above $100 per barrel because markets continue to price in geopolitical and transportation risks. This supports producers but highlights the potential for sharp reversals. Oil is Gushing Out of the Gulf. Why Are Prices Still Above $100 a Barrel?
• Negative Sentiment: The latest trading indicated that U.S. oil prices were falling as investors reassessed the probability and consequences of Middle East supply disruptions. Any sustained decline in crude would likely pressure GUSH disproportionately because of its daily leverage. US oil prices fall as investors gauge risks to Mideast supply
• Negative Sentiment: Diplomatic efforts involving Iran and regional governments have periodically eased fears of a wider conflict, causing oil prices to retreat. A credible de-escalation agreement would remove some of the supply premium supporting energy stocks and GUSH. Oil falls as renewed diplomatic efforts to end Mideast conflict ease supply concerns

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF Stock Performance

The company has a market capitalization of $225.73 million, a price-to-earnings ratio of 8.13 and a beta of 1.25. The company’s fifty day simple moving average is $45.96 and its two-hundred day simple moving average is $37.63.

Institutional Investors Weigh In On Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF

A hedge fund recently bought a new stake in Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF stock. Group One Trading LLC bought a new position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF (NYSEARCA:GUSH) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 54,231 shares of the company’s stock, valued at approximately $2,398,000. Group One Trading LLC owned approximately 0.75% of Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF as of its most recent filing with the Securities and Exchange Commission (SEC).

About Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (GUSH) is an exchange-traded fund that mostly invests in energy equity. The fund provides 2x daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US. GUSH was launched on May 28, 2015 and is managed by Direxion.