Invesco Oil & Gas Services ETF (NYSEARCA:PXJ) Stock Price Breaks Below 200-Day Moving Average – Here’s Why

Shares of Invesco Oil & Gas Services ETF (NYSEARCA:PXJ) passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $42.44 and traded as low as $41.16. Invesco Oil & Gas Services ETF shares last traded at $41.70, with a volume of 127,356 shares trading hands.

Key Invesco Oil & Gas Services ETF News

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

• Positive Sentiment: Falling distillate inventories, resilient U.S. jobs growth and Middle East supply constraints are supporting a cautiously bullish longer-term oil outlook, which could help sustain demand for oilfield services. Crude Oil Forecast: Why Falling Inventories Keep Supply Risks in Focus
• Positive Sentiment: Persistent Strait of Hormuz and broader Middle East supply risks have helped put a floor under oil prices, while traders also bought the dip after crude rebounded from support. These factors may limit near-term downside for the sector. Oil set for sharp weekly drop but Middle East supply concerns provide floor
• Neutral Sentiment: Crude has been volatile and range-bound. A technical rebound from support offers some relief, but chart signals also point to further downside risk, leaving the near-term direction uncertain for PXJ. WTI Price Forecast: Crude Oil Rebounds From Critical Support
• Negative Sentiment: Analysts and traders see signs of a return to global oil oversupply as high prices curb demand. A sharp weekly drop in oil prices could weaken producers’ incentive to spend on drilling and services, pressuring PXJ’s underlying businesses. As high oil prices curb demand, fresh signs of glut appear

Invesco Oil & Gas Services ETF Price Performance

The stock’s 50 day simple moving average is $45.23 and its two-hundred day simple moving average is $42.50. The firm has a market cap of $119.16 million, a P/E ratio of 9.62 and a beta of 0.84.

Hedge Funds Weigh In On Invesco Oil & Gas Services ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PXJ. Integrated Wealth Concepts LLC bought a new position in Invesco Oil & Gas Services ETF in the 2nd quarter worth about $51,000. Quantinno Capital Management LP purchased a new position in shares of Invesco Oil & Gas Services ETF during the first quarter worth approximately $240,000. Sound Income Strategies LLC bought a new stake in shares of Invesco Oil & Gas Services ETF during the third quarter valued at approximately $266,000. MinichMacGregor Wealth Management LLC bought a new stake in shares of Invesco Oil & Gas Services ETF during the third quarter valued at approximately $316,000. Finally, Independent Financial Group LLC bought a new stake in shares of Invesco Oil & Gas Services ETF during the first quarter valued at approximately $460,000.

About Invesco Oil & Gas Services ETF

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.