Phillips 66 Partners LP, Sasol Limited, HollyFrontier Corp and others reached higher-than-usual trading volumes.
Yesterday's session summary: Leading equity indices in the US declined as Dow Jones was down 1.45% before closing the session at 33,849. S&P 500 slipped 1.54% and closed at 3,964.
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 closes at $42 after gaining 1.89%
Phillips 66 Partners LP outpaced its average daily trading volume (7.33 million) with 16.20 million shares traded yesterday. Phillips 66 Partners went up to $42 yesterday after ending Friday at $41.23. Overall, a 1.89% move or 77 cents.
Phillips 66 Partners has gained 20.87% over the past year, moving away from its yearly lows around $34.26. So far in 2022 it has been beating the Nasdaq by 53.5%. With an average daily trading volume of 7.33 million shares. Phillips 66 Partners has a forecast of $436.47 million with an EPS of 94.5 cents.
Sasol | 221% higher than rolling average Yesterday's slide leaves Sasol traders hoping for a bounce
With 513,606 shares traded yesterday, Sasol beat its daily average by 221% to cap off a frenetic trading day. After ending Friday at $17.24, Sasol dropped to $16.44 early in yesterday's session and closed at $16.54. In total, it lost 4.06%.
5 months ago the integrated energy and chemical company reached a significant high of $27.74 but has consequently lost 37.85% since then. So far in 2022, it has been outperforming the Nasdaq by 41%. Sasol has a market cap of $10.41 billion with an average daily volume of 232,461 shares.
HollyFrontier | 119% slightly above rolling average HollyFrontier levels up 2% in yesterday's session; traders eye opening bell in 8 hours time
Trading volume peaked at 4.78 million shares yesterday, thereby obliterating the daily average of 4 million by 119%. HollyFrontier went up to $36.39 yesterday after ending Friday at $35.68. Overall, a 2% move or 71 cents.
HollyFrontier hit a significant low of $29.34 around 8 months ago, but has since recovered 21.61%. The S&P has been doing worse in 2022, it has been passing it by 28.28%. With an average daily volume of 4 million shares. HollyFrontier is forecasted to generate revenues of $4.12 billion and EPS of 41.06 cents.
— Average trading volume refers to a 21-day rolling average.