Phillips 66 Partners LP, EOG Resources, Inc., Valvoline Inc. and others reached higher-than-usual trading volumes.
A recap of Friday's session: Markets were up Friday; Dow Jones ended the session at 32,400 after a 1.26% gain. S&P 500 closed the day at 3,770.55, having gained 1.36%.
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.
Price action was mostly bullish Friday with some energy stocks recording abnormally high trading volumes. Here's a recap:
Phillips 66 Partners | 221% higher than rolling average Friday Phillips 66 Partners increased by 1.89%, ended the session at $42
With 16.20 million shares traded Friday, Phillips 66 Partners LP beat its daily average by 221% to cap off a frenetic trading day. Phillips 66 Partners went up to $42 Friday after ending Thursday at $41.23. Overall, a 1.89% move or 77 cents.
Phillips 66 Partners hit a significant low of $34.26 around 11 months ago, but has since recovered 20.34%. So far in 2022, it has performed better than the Nasdaq by 62.69%. Phillips 66 Partners's market cap is currently $9.59 billion with an average daily trading volume of 7.33 million shares. Phillips 66 Partners expected revenue of $436.47 million with an EPS of 94.5 cents.
EOG Resources | 200% higher than rolling average EOG Resources hits new all-time high at $150.88
With 8 million shares traded Friday, EOG Resources beat its daily average by 200% to cap off a frenetic trading day. Pronounced bullish sentiment in the market helped EOG Resources to make a notable 2.78% gain Friday, rising $3.85 and ultimately closing at $142.23.
EOG Resources now trading 34.14% above its 3-month low of $83.58. So far in 2022, it has been outperforming the Nasdaq by 110.29%. The company's market cap is $83.52 billion with an average daily volume of 3.99 million shares.
Valvoline | 165% above rolling average Valvoline gains 3.67%; sets session high of $30.24
Valvoline outpaced its average daily trading volume (1.54 million) with 2.53 million shares traded Friday. An influx of buyers helped Valvoline to end the session higher around $30.24, while establishing a $29.46 to $30.24 session range Friday.
— Average trading volume refers to a 21-day rolling average.