One energy stock is up nearly 300% since March, and trader expects more gains

The S&P 500 has rocketed more than 50% from March lows, and a few components have performed even better.

Halliburton, MGM, Chipotle, eBay and L Brands are among the stocks that have at least doubled since the bottom. Halliburton, one of the best performers, has surged nearly 300% since then.

Matt Maley, chief market strategist at Miller Tabak, says Halliburton is just getting started.

"The stock really could have a lot of upside surprise here," Maley told CNBC's "Trading Nation" on Wednesday. "Halliburton has been in a two-year downward decline. And whenever a stock changes a major trend, a long-term trend, it gives it a lot more upside."

Maley says its recent gains broke shares above a trend line stretching back to mid-2018. To see more upside, Maley said it must move above $17 to confirm the trend.

"This is a sector that's over-hated, under-owned. If it breaks out above $17 in any meaningful way, it could have a lot of upside and be one of the biggest surprises of the last four or five months of the year," said Maley.

Halliburton closed Wednesday at $16.49. 

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Another big mover could also continue to rally, according to Michael Bapis, managing director at Vios Advisors at Rockefeller Capital Management.

"The name that stands out to us is eBay. Even though it's up 120% and it's hard to believe there's value, we believe there is," Bapis said during the same "Trading Nation" segment.

He said changes to its business during the pandemic has helped boost the stock and should pay off in years to come.

"They created a managed payment rollout, which was revolutionary for customer ease and for customer loyalty. And I think this reinvention has driven their double-digit growth, and it'll continue to drive revenue growth projections higher in a meaningful way over the next three to five years," said Bapis.

The company says this feature allows sellers to more easily automatize and streamline payments from buyers. It says it's still rolling out this function in phases.

Bapis also likes its strong fundamentals — shares trade at 15 times forward earnings, and nearly nine times trailing, while offering a 1% dividend.

Disclosure: Bapis and Vios Advisors hold eBay. 

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