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July 03, 2023Following Friday's heightened trading volumes, HollyFrontier Corp, Cabot Oil & Gas Corp, Hess Corporation were the standout stocks.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as S&P 500 closed the day at 4,450.38, having gained 1.23%. Nasdaq ended the session at 13,800 after a 1.45% gain.
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
With 4.78 million shares traded Friday, HollyFrontier Corp beat its daily average by 119% to cap off a frenetic trading day.
Cabot Oil & Gas Corp | 219% above rolling average
Cabot Oil & Gas Corp outpaced its average daily trading volume (8.56 million) with 18.76 million shares traded Friday.
Hess Corporation | 146% above rolling average
Trading volume was 2.45 million shares Friday — beating the daily average by a mammoth 146%.
The oil and gas producer has fallen back around 16.57% from the significant high of $160.44 set 5 months ago. The stock has been trending positively for about 30 days.
Hess Corporation discloses 43.8 cents per share dividend to be paid on Friday, June 30th
— Average trading volume refers to a 21-day rolling average.
