IXC: Global Energy Stocks Catching A Bid Post-Election, Remain Cheap

seekingalpha11-20

IXC is a buy due to its low P/E, high cash flow, and emerging price momentum despite falling oil prices.The ETF has a diversified global portfolio, with significant exposure to large-cap value stocks,...

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Abstract Aerial Art  There has been a macro divergence that global investors should heed. Energy stocks are performing decently while oil prices have wavered. Over the past year, the iShares Global Energy ETF (NYSEARCA:IXC) is up 7% while WTI crude oil has plunged by more than 20%.  Of course, strong equity returns both at home and abroad have been a tailwind, but just in the last few weeks, we’ve witnessed the Energy sector sport impressive gains as oil the commodity has kept falling. When this happens, I take what’s happening in shares as a signal compared to weakness in the hard asset.  After a series of higher lows and with a favorable valuation, I have a buy rating on IXC. The global portfolio features a depressed P/E, high cash flow among its company holdings, and a mixed technical situation. I noticed that in the US, the Energy Select Sector SPDR ETF (XLE) has reached its best mark since April, which might come as a surprise to many investors. Shares of Oil Companies Rallying as WTI Sputters   Stockcharts.com According to the issuer, IXC seeks to track the investment results of an index composed of global equities in the energy sector. It offers investors exposure to shares of companies from around the world that produce and distribute oil and gas. IXC is a moderate-sized ETF with $2.2 billion in assets under management as of November 18, 2024. It sports a low to moderate 0.41% annual expense ratio, while its forward dividend yield is high at 3.6% - about 1.3 percentage points above that of the S&P 500. Share-price momentum has been decent in the last few months after a solid start to 2024. A mid-year pullback in shares proved to be a buying opportunity, and I will highlight key price points to monitor at the end of the article. But prospective investors should be aware that IXC can be a risky product when it comes to its historical standard deviation trends as well as its somewhat concentrated portfolio.  Despite average daily trading volume of less than 400,000 shares, the median bid/ask spread is tight at just two basis points, earning the fund an A- ETF Grade on liquidity per Seeking Alpha’s quantitative scoring system. Looking closer at this Energy-sector fund, the 5-star, Bronze-rated ETF by Morningstar is focused on the left side of the style box, indicating its value exposure. Fully two-thirds of IXC is considered large-cap value, making it sensitive to changes in the global growth story, though the large-cap access may help the fund weather commodity price volatility more than small-cap oil & gas companies.  Sixty-two percent of IXC is US, while 37% is foreign. Together, the price-to-earnings ratio is low at 11.5 while the long-term EPS growth is also modest at 5.4%, but its historical per-share earnings growth rate is high at 18.5%. IXC: Portfolio & Factor Profiles   Morningstar Of course, IXC is focused in one corner of the global stock market, adding to its risk profile. Specifically, Exxon Mobil (XOM) and Chevron (CVX) account for close to 30% of the allocation, so paying particular attention to those firms (along with Shell (SHEL)) is key.  With earnings season in the Energy sector now largely in the rearview mirror, volatility catalysts might focus on geopolitical developments through year-end. IXC: Holdings & Dividend Information   Seeking Alpha Seasonally, investors shouldn’t get too excited. The December through March stretch has historically been muted in terms of total returns before IXC has often rallied in April, according to the past 10 years of performance data. IXC: Neutral Seasonal Trends December Through March   Seeking Alpha The Technical Take With a low earnings multiple and exposure spread out internationally, IXC’s technical situation is mixed. Notice in the chart below that shares put in a bullish rounded bottom pattern from the end of the second quarter through the start of the fourth quarter. Today, after a series of higher lows, the bulls might be taking control of the primary trend. I like that the fund’s share price is now above both the long-term 200-day moving average and the 50dma. Resistance is likely to come into play at the multi-year high of $45 while the $43 spot could also bring about some selling. But take a look at the RSI momentum oscillator at the top of the graph – the higher low in momentum confirmed a higher low in price, which is a positive. What’s a concern from a bullish perspective, however, is a high amount of volume by price up to $43 while support is seen at $38. IXC: Bullish Rounded Bottom Pattern, Watching the YTD High   Stockcharts.com The Bottom Line  I have a buy rating on IXC. This global Energy sector fund features a low P/E multiple with emerging price momentum even as oil prices remain low.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"analysis","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484078999"}