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May 07, 2023Imperial Oil Limited, HollyFrontier Corp, Cabot Oil & Gas Corp and others reached higher-than-usual trading volumes.
A recap of Friday's session: Leading equity indices in the US rose as Dow Jones ended the session at 33,674 after a 1.65% gain. S&P 500 closed the day at 4,136.25, having gained 1.85%.
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:
Imperial Oil | 207% above rolling average
Having soared to a high of $57.87 approximately 5 months ago, the Canadian petroleum company is now trading 23.17% lower. The company has a market cap of $27.24 billion with an average daily volume of 463,442 shares.
Imperial Oil outpaced its average daily trading volume (463,442) with 959,216 shares traded Friday.
HollyFrontier | 119% slightly above rolling average
HollyFrontier rose 71 cents to close at $36.39 Friday which makes for a move of 2%.
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% higher than rolling average
The company is currently trading with a market cap of $17 billion with an average daily trading volume of 8.56 million shares.
Trading volume peaked at 18.76 million shares Friday, thereby obliterating the daily average of 8.56 million by 219%.
— Average trading volume refers to a 21-day rolling average.
