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June 17, 2023
Take a look at the following energy stocks that showed higher volumes than usual: Cheniere Energy Partners, L.P., Magellan Midstream Partners, L.P., Eni S.p.A..
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Nasdaq shed 0.68% and closed at 13,700. S&P 500 closed at 4,409.59, a 0.37% change.
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.
Though trading was down yesterday, some energy stocks reached high volumes. Here is an update.
Cheniere Energy Partners | 325% above rolling average
Cheniere Energy Partners, L.P. outpaced its average daily trading volume (177,366) with 576,258 shares traded yesterday.
The liquefied natural gas supplier has fallen back around 26.19% from the significant high of $62.08 set 6 months ago. Trading mostly sideways for 2 months.
Magellan Midstream Partners | 232% higher than rolling average
The ammonia and petroleum pipeline operator has fallen back around 3.97% over the past 30 days, from a notable high of $62.67. Trending downwards for around 29 days. The company has a market cap of $12.15 billion with an average daily volume of 2 million shares.
Trading volume was 4.66 million shares yesterday — beating the daily average by a mammoth 232%.
ENI | 288% above rolling average
The multinational Italian "supermajor" has recovered 39.87% since descending to a significant low of $20.44 around 8 months ago. The company's market cap currently stands at $47.41 billion with an average daily trading volume of 290,091 shares.
With 834,843 shares traded yesterday, ENI beat its daily average by 288% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.
