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May 29, 2023HollyFrontier Corp, Suncor Energy Inc., Cabot Oil & Gas Corp led the pack during Friday's heightened trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Nasdaq ended the session at 12,976 after a 2.19% gain. S&P 500 closed the day at 4,205.45, having gained 1.3%.
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.
Price action was mostly bullish Friday with some energy stocks recording abnormally high trading volumes. Here's a recap:
HollyFrontier | 119% slightly above rolling average
Trading volume was 4.78 million shares Friday — beating the daily average by a mammoth 119%.
Suncor Energy | 189% above rolling average
Friday's trading volume was 8.89 million shares (surpassing the daily average by 189%).
The petroleum refiner has shed 15.1% over the past three months. Pointing downwards for around 28 days.
Suncor Energy discloses 39.1 cents per share dividend to be paid on Friday, March 24th
Cabot Oil & Gas Corp | 219% higher than rolling average
The company has a market cap of $17 billion with an average daily trading volume of 8.56 million shares.
With 18.76 million shares traded Friday, 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.
