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June 21, 2023HollyFrontier Corp, Canadian Natural Resources Limited, Cabot Oil & Gas Corp 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 Dow Jones slipped 0.72% and closed at 34,054. S&P 500 closed at 4,388.71, a 0.47% change.
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
The company's market cap currently stands at $7.14 billion with an average daily volume of 4 million shares.
Trading volume was 4.78 million shares yesterday — beating the daily average by a mammoth 119%.
Canadian Natural Resources | 137% above rolling average
Having set a significant low of $44.78 8 months ago, the senior Canadian oiler is trading 22.85% higher. On a negative trend for around 2 months. The company is currently trading with a market cap of $58.21 billion with an average daily trading volume of 2.44 million shares.
Yesterday's trading volume peaked at 3.34 million shares, thereby blitzing the daily average of 2.44 million by 137%.
Cabot Oil & Gas Corp | 219% higher than rolling average
With 18.76 million shares traded yesterday, Cabot Oil & Gas Corp beat its daily average by 219% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.
