Take a look at the following energy stocks that showed higher volumes than usual: Phillips 66 Partners LP, HollyFrontier Corp, Eni S.p.A..
A recap of Friday's session: Leading equity indices in the US rose as Dow Jones ended the session at 33,746 after a 0.59% gain. S&P 500 closed the day at 3,965.34, having gained 0.48%.
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 Bullish mood lifts Phillips 66 Partners to session high of $44.09
Friday's trading volume peaked at 16.20 million shares, thereby blitzing the daily average of 7.33 million by 221%. Phillips 66 Partners went up to $42 Friday after ending Thursday at $41.23. Overall, a 1.89% move or 77 cents.
HollyFrontier | 119% slightly above rolling average HollyFrontier on track to post record single day jump of 71 cents points (+2%)
Trading volume peaked at 4.78 million shares Friday, thereby obliterating the daily average of 4 million by 119%. HollyFrontier went up to $36.39 Friday after ending Thursday at $35.68. Overall, a 2% move or 71 cents.
HollyFrontier has recovered 21.61% since descending to a significant low of $29.34 around 8 months ago. The S&P 500 has been doing worse in 2022, it has been passing it by 28.66%. With an average daily trading volume of 4 million shares. HollyFrontier is forecasted to generate revenues of $4.12 billion and EPS of 41.06 cents.
ENI | 189% higher than rolling average ENI closed at $29.17 (down 0.98%) and added one more to its 4th straight day of losses
Friday's trading volume peaked at 868,880 shares, thereby blitzing the daily average of 459,060 by 189%. Early in Friday's session, ENI dropped to $28.75 from $29.46 at the end of Thursday, before closing at $29.17. During the session, it lost 0.98%.
ENI hit a significant low of $20.44 around a month ago, but has since recovered 44.13%. So far in 2022 it has been beating the Nasdaq by 45.56%. The company's market cap is $51.39 billion with an average daily volume of 459,060 shares.
— Average trading volume refers to a 21-day rolling average.