The highest volumes for yesterday went to: Phillips 66 Partners LP, Continental Resources, Inc., HollyFrontier Corp.
A recap of yesterday's session: Leading equity indices in the US declined as after dropping 0.67%, S&P 500 closed at 3,695. Nasdaq shed 0.85% and closed at 10,681.
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 Bullish mood lifts Phillips 66 Partners to session high of $44.09
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.
Phillips 66 Partners hit a significant low of $34.26 around 10 months ago, but has since recovered 20.34%. So far in 2022 it has been beating the Nasdaq by 58.72%. The company has a market cap of $9.59 billion with an average daily trading volume of 7.33 million shares. Phillips 66 Partners is forecasted to generate revenues of $436.47 million and EPS of 94.5 cents.
Continental Resources | 254% higher than rolling average Continental Resources maintains composure within $73.54 to $73.92 range
With 8.47 million shares traded yesterday, Continental Resources beat its daily average by 254% to cap off a frenetic trading day. A mostly flat day so far for Continental Resources, range-bound between $73.54 and $73.92 and currently at $73.57.
HollyFrontier | 119% slightly above rolling average HollyFrontier on track to post record single day jump of 71 cents points (+2%)
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.
Having set a significant low of $29.34 7 months ago, HollyFrontier is trading 21.61% higher. The S&P has been doing worse in 2022, it has been passing it by 37.21%. The company's market cap is $5.93 billion with an average daily volume of 4 million shares. HollyFrontier has a forecast of $4.12 billion with an EPS of 41.06 cents.
— Average trading volume refers to a 21-day rolling average.