Phillips 66 Partners LP, Continental Resources, Inc., Western Midstream Partners, LP and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Dow Jones closed the day at 30,524, having gained 1.12%. S&P 500 gained 1.14% and closed at 3,720.
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 Phillips 66 Partners gains 1.89%; sets session high of $44.09
Trading volume peaked at 16.20 million shares yesterday, thereby obliterating the daily average of 7.33 million by 221%. Phillips 66 Partners went up to $42 yesterday after ending Monday at $41.23. Overall, a 1.89% move or 77 cents.
Continental Resources | 521% higher than rolling average Continental Resources erases gains after it rallied beyond $74 for the first time in 7 weeks, closing at $73.68
With 15.56 million shares traded yesterday, Continental Resources beat its daily average by 521% to cap off a frenetic trading day. An influx of sellers pushed Continental Resources to end the session lower around $73.68, while establishing a $73.37 to $74 session range yesterday.
Western Midstream | 300% higher than rolling average Western Midstream appreciates 3.61% with $27.63 as the high of the day
Trading volume peaked at 3.12 million shares yesterday, thereby obliterating the daily average of 1 million by 300%. Western Midstream went up to $27.56, gaining 3.61%.
Having set a significant high of $29.48 10 months ago, Western Midstream is trading 38.33% lower. So far in 2022, it has been outperforming the Nasdaq by 70.49%. Western Midstream's market cap is currently $10.65 billion with an average daily trading volume of 1 million shares. $876.42 million was Western Midstream's last reported revenue with 74 cents being the current EPS.
— Average trading volume refers to a 21-day rolling average.