Energy stocks hit 52-week highs as energy boom takes hold


Some S&P energy stocks set new 52-week highs today, including Hess (HES), EQT and Baker Hughes (BHI), as the sector begins to catch up to the hype about the U.S. energy renaissance.

Analysts say oil and gas drillers are just starting to reap the benefits of an ancillary boom in energy-related technology and innovation; RBC Capital sees bullish prospects for rig companies, adding that drillers such as Helmerich & Payne (HP), Patterson-UTI (PTEN) and Nabors Industries (NBR) are best positioned to capitalize on the boom.

BofA/Merrill's Stephen Suttmeier offers a technical set-up, seeing energy poised for a breakout similar to Oct. 2010, when the sector moved above its 13-, 26- and 40-week relative moving averages and outperformed for another six months.

ETFs: XLE, ERX, OIH, VDE, ERY, FCG, XOP, DIG, DUG, GASL, FRAK, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG

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