Phillips 66 Partners LP, Devon Energy Corp, HollyFrontier Corp had the highest volumes yesterday.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as after dropping 2.5%, S&P 500 closed at 3,759.69. Nasdaq slipped 3.36% and closed at 10,525.
Why Trading Volume Matters
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Though trading was down yesterday, some energy stocks reached high volumes. Here is an update.
Phillips 66 Partners | 221% above rolling average Phillips 66 Partners levels up 1.89% in yesterday's session; traders eye opening bell in 6 hours time
Trading volume peaked at 16.20 million shares yesterday, thereby obliterating the daily average of 7.33 million by 221%. Phillips 66 Partners went up to $42 yesterday after ending Tuesday at $41.23. Overall, a 1.89% move or 77 cents.
Devon Energy | 340% above rolling average Devon Energy closed at $67.44 after suffering its largest single-day drop of $9.86 since November 2008
Trading volume peaked at 36.10 million shares yesterday, thereby obliterating the daily average of 10.62 million by 340%. After ending Tuesday at $77.3, Devon Energy declined to $66.6 yesterday before closing at $67.44, thereby losing 12.76% in total.
Devon Energy was down, even though its quarterly earnings released on yesterday beat the analysts’ estimates. The reported earnings of 2.18 per share on revenue of $5.43 billion, topping estimates of 2.13 per share on revenue of $4.95 billion.
HollyFrontier | 119% slightly greater than rolling average Yesterday HollyFrontier increased by 2%, ended the session at $36.39
With 4.78 million shares traded yesterday, HollyFrontier beat its daily average by 119% to cap off a frenetic trading day. HollyFrontier went up to $36.39 yesterday after ending Tuesday at $35.68. Overall, a 2% move or 71 cents.
After hitting an important low of $29.34 approximately 7 months ago, HollyFrontier has bounced back 21.61% since. So far in 2022 it has been beating the S&P 500 by 33.09%. HollyFrontier is currently trading with a market cap of $5.93 billion with an average daily volume of 4 million shares. HollyFrontier expected revenue of $4.12 billion with an EPS of 41.06 cents.
— Average trading volume refers to a 21-day rolling average.