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May 14, 2023
HollyFrontier Corp, Cabot Oil & Gas Corp, Valvoline Inc. and others reached higher-than-usual trading volumes.
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. After dropping 0.16%, S&P 500 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 above rolling average
HollyFrontier Corp moves up 2% to close at $36.39 Friday.
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
Cabot Oil & Gas Corp outpaced its average daily trading volume (8.56 million) with 18.76 million shares traded Friday.
Valvoline | 127% slightly above rolling average
Trading volume was 2.33 million shares Friday — beating the daily average by a mammoth 127%.
The chemical manufacturing company is up 53.69% from the significant low of $25.05 it hit 7 months ago. The stock has been trending positively for about a month.
— Average trading volume refers to a 21-day rolling average.
