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April 10, 2023
A busy day for HollyFrontier Corp, Cabot Oil & Gas Corp, Imperial Oil Limited, being the prominent energy stocks displaying higher volumes than usual.
A recap of Thursday's session: Markets closed higher Thursday, as Nasdaq closed the day at 12,100, having gained 0.76%. S&P 500 ended the session at 4,105 after a 0.36% 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 Thursday with some energy stocks recording abnormally high trading volumes. Here's a recap:
HollyFrontier | 119% slightly above rolling average
HollyFrontier Corp rose 71 cents to close at $36.39 Thursday which makes for a move of 2%.
With 4.78 million shares traded Thursday, HollyFrontier beat its daily average by 119% to cap off a frenetic trading day.
Cabot Oil & Gas Corp | 219% above rolling average
The hydrocarbon exploration company's market cap currently stands at $17 billion with an average daily volume of 8.56 million shares.
Thursday's trading volume peaked at 18.76 million shares, thereby blitzing the daily average of 8.56 million by 219%.
Imperial Oil | outperformed daily volume average by 97% Thursday
Trading volume peaked at 482,553 shares Thursday, thereby obliterating the daily average of 499,129 by 97%.
This year has been a bright one for the Canadian petroleum company after trading as low as $40.38 and going on to appreciate by 15.74% year to date.
— Average trading volume refers to a 21-day rolling average.
