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May 15, 2023Following Friday's heightened trading volumes, HollyFrontier Corp, Cabot Oil & Gas Corp, Valvoline Inc. were the standout stocks.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Nasdaq closed at 12,300, a 0.35% change. S&P 500 slipped 0.16% and closed at 4,124.
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 Friday, some energy stocks reached high volumes. Here is an update.
HollyFrontier | 119% slightly greater than rolling average
Trading volume peaked at 4.78 million shares Friday, thereby obliterating the daily average of 4 million by 119%.
Cabot Oil & Gas Corp | 219% higher than rolling average
The company has a market cap of $17 billion with an average daily volume of 8.56 million shares.
Cabot Oil & Gas Corp had a compelling day Friday, with 18.76 million shares traded helping the company surpass its average daily volume by 219%.
Valvoline | 127% slightly greater than rolling average
Trading volume peaked at 2.33 million shares Friday, thereby obliterating the daily average of 1.83 million by 127%.
The chemical manufacturing company has recovered 53.69% since descending to a significant low of $25.05 around 7 months ago. The stock has been trending positively for about a month.
— Average trading volume refers to a 21-day rolling average.
