Stocks hitting new 52 week highs on December 7 are MarkWest Energy Partners LP, and Magellan Midstream Partners LP. Investors are buying the stock and pushing it higher because they may think that these stocks were undervalued. This could be a result of higher than expected earnings, overall market growth, or simply investor speculation.
Shares of MarkWest Energy Partners LP (MWE) had a total return adjusted 52 week high today of $56.26 per share and are currently trading at $55.62. The stock fell by 0.25% or $-0.14/share to $55.62. The stock recorded a trading volume of 124440 today. This represents 0.8 times the average volume for MarkWest Energy Partners LP. This is considered normal volume for the stock which means the new high is most likely caused by a steady uptrend. Expect the stock to continue its upward trend. A pullback could be a great opportunity to get onboard.
Shares of Magellan Midstream Partners LP (MMP) had a total return adjusted 52 week high today of $65.74 per share and are currently trading at $65.37. The stock fell by 0.47% or $-0.31/share to $65.37. The stock recorded a trading volume of 39252 today. This represents 0.5 times the average volume for Magellan Midstream Partners LP. Lower than average volume can mean the new high may not represent the stock's true value. Investors may want to watch out for this stock adjusting back down to its true value.
