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May 18, 2023Magellan Midstream Partners, L.P., ONEOK, Inc., HollyFrontier Corp had the highest volumes yesterday.
A quick recap of where the last trading session ended: Markets had an interesting day yesterday; Dow Jones closed the day at 33,421, having gained 1.24%. S&P 500 ended the session at 4,158.77 after a 1.19% gain.
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:
Magellan Midstream Partners | 174% higher than rolling average
Yesterday's trading volume peaked at 3.20 million shares, thereby blitzing the daily average of 1.84 million by 174%.
Over the past 3 days, the ammonia and petroleum pipeline operator has retreated 1.96% from a noteworthy peak of $62.61. The stock has been trending positively for about a month.
Magellan Midstream Partners discloses $1.05 per share dividend to be paid on Monday, May 15th
ONEOK | 169% above rolling average
The natural gas goliath has fallen back around 20.23% from the significant high of $70.93 set 4 months ago. Trending downwards for around a month. ONEOK is currently trading with a market cap of $25.59 billion with an average daily volume of 3.45 million shares.
Yesterday's trading volume was 5.84 million shares (surpassing the daily average by 169%).
HollyFrontier | 119% slightly greater than rolling average
HollyFrontier rose 71 cents to close at $36.39 yesterday which makes for a move of 2%.
Trading volume was 4.78 million shares yesterday — beating the daily average by a mammoth 119%.
— Average trading volume refers to a 21-day rolling average.
