| 
May 20, 2023HollyFrontier Corp, Cabot Oil & Gas Corp, Magellan Midstream Partners, L.P. and others reached higher-than-usual trading volumes.
Yesterday's session summary: Leading equity indices in the US declined as Dow Jones was down 0.33% before closing the session at 33,427. After dropping 0.24%, Nasdaq closed at 12,658.
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.
HollyFrontier | 119% slightly greater than rolling average
HollyFrontier Corp outpaced its average daily trading volume (4 million) with 4.78 million shares traded yesterday.
Cabot Oil & Gas Corp | 219% above rolling average
Cabot Oil & Gas Corp's market cap is currently $17 billion with an average daily volume of 8.56 million shares.
With 18.76 million shares traded yesterday, Cabot Oil & Gas Corp beat its daily average by 219% to cap off a frenetic trading day.
Magellan Midstream Partners | sustained 90% higher trading volume than average yesterday
With 1.80 million shares traded yesterday, Magellan Midstream Partners beat its daily average by 90% to cap off a frenetic trading day.
The Oklahoma-based pipeline owner now trading 18.22% above its 3-month low of $45.69. 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
— Average trading volume refers to a 21-day rolling average.
