Phillips 66 Partners LP, Continental Resources, Inc., Schlumberger NV and others reached higher-than-usual trading volumes.
Here's an update with information from the last trading session: Leading equity indices in the US rose as Dow Jones closed the day at 31,083, having gained 2.47%. S&P 500 gained 2.37% and closed at 3,752.75.
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.
Having set a significant high of $46.14 10 months ago, Phillips 66 Partners is trading 20.34% lower. So far in 2022 it has been beating the Nasdaq by 57.74%. Phillips 66 Partners is currently trading with a market cap of $9.59 billion with an average daily 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 | 192% above rolling average Continental Resources maintains composure within $73.69 to $74.08 range
With 7.64 million shares traded Friday, Continental Resources beat its daily average by 192% to cap off a frenetic trading day. Continental Resources was steady Friday maintaining a $73.69 – $74.08 range before closing at $74.
Continental Resources now trading 16.65% above its 3-month low of $42.68. The Nasdaq has been doing worse in 2022, it has been passing it by 107.3%. Continental Resources's market cap currently stands at $26.46 billion with an average daily trading volume of 3.98 million shares. $2.65 billion was Continental Resources's last reported revenue with $3.47 being the current EPS.
Schlumberger | 231% higher than rolling average Schlumberger on track to post record single day jump of $4.72 points (+10.33%)
With 35.28 million shares traded Friday, Schlumberger beat its daily average by 231% to cap off a frenetic trading day. After ending Thursday's session at $45.69, Schlumberger went up to $50.54 Friday only to fall back and close at $50.41.
Schlumberger reached a significant high of $50.41 around 2 days ago but has lost 9.36% since then. So far in 2022, it has been outperforming the S&P by 97.69%. The company has a market cap of $71.48 billion with an average daily volume of 15.27 million shares.
— Average trading volume refers to a 21-day rolling average.