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June 04, 2023Take a look at the following energy stocks: Valvoline Inc., HollyFrontier Corp, Cabot Oil & Gas Corp and others showed higher volumes than usual.
Friday's session summary: Leading equity indices in the US rose as Dow Jones ended the session at 33,763 after a 2.12% gain. S&P 500 closed the day at 4,282.37, having gained 1.45%.
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:
Valvoline | 154% above rolling average
After ending Thursday at $38.83, Valvoline Inc. declined to $38.44 Friday before closing at $38.47, thereby losing 0.93% in total.
Trading volume was 3.91 million shares Friday — beating the daily average by a mammoth 154%.
HollyFrontier | 119% slightly greater than rolling average
Friday's trading volume peaked at 4.78 million shares, thereby blitzing the daily average of 4 million by 119%.
Cabot Oil & Gas Corp | 219% above rolling average
Cabot Oil & Gas Corp moves 0% to close at $22.25 Friday.
Cabot Oil & Gas Corp outpaced its average daily trading volume (8.56 million) with 18.76 million shares traded Friday.
— Average trading volume refers to a 21-day rolling average.
