Take a look at the following energy stocks that showed higher volumes than usual: Phillips 66 Partners LP, Continental Resources, Inc., Schlumberger NV.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Dow Jones gained 1.34% and closed at 31,500. S&P 500 closed the day at 3,797.34, having gained 1.19%.
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 yesterday with some energy stocks recording abnormally high trading volumes. Here's a recap:
Phillips 66 Partners | 221% higher than rolling average Yesterday Phillips 66 Partners increased by 1.89%, ended the session at $42
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 recovered 20.34% since descending to a significant low of $34.26 around 10 months ago. So far in 2022, it has performed better than the Nasdaq by 55.83%. The company's market cap is $9.59 billion with an average daily volume of 7.33 million shares. Phillips 66 Partners expected revenue of $436.47 million with an EPS of 94.5 cents.
Continental Resources | 141% higher than rolling average Continental Resources maintains composure within $73.83 to $74.21 range
Yesterday's trading volume peaked at 5.84 million shares, thereby blitzing the daily average of 4.13 million by 141%. A quiet day for Continental Resources as it remained range-bound within a $73.83 – $74.21 range before closing at $73.9.
Continental Resources hit a significant low of $42.68 around 10 months ago, but has since recovered 73.38%. The Nasdaq has been doing worse in 2022, it has been passing it by 104.77%. Continental Resources's market cap is currently $26.43 billion with an average daily trading volume of 4.13 million shares. Continental Resources last reported revenue of $2.65 billion with an EPS of $3.47.
Schlumberger | 166% above rolling average Schlumberger retraces 28 cents from 3 years high, trades at $52.15
Trading volume peaked at 26 million shares yesterday, thereby obliterating the daily average of 15.71 million by 166%. An influx of buyers helped Schlumberger to end the session higher around $52.15, while establishing a $49.66 to $52.43 session range yesterday.
Schlumberger reached a significant high of $52.15 around a day ago but has lost 3.34% since then. So far in 2022, it has been outperforming the S&P 500 by 94.78%. Schlumberger's market cap currently stands at $73.95 billion with an average daily trading volume of 15.71 million shares.
— Average trading volume refers to a 21-day rolling average.