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April 17, 2023Magellan Midstream Partners, L.P., HollyFrontier Corp, Cabot Oil & Gas Corp and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Markets closed higher today; Dow Jones gained 0.3% and closed at 34,000. S&P 500 closed the day at 4,151.32, having gained 0.33%.
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 today with some energy stocks recording abnormally high trading volumes. Here's a recap:
Magellan Midstream Partners | 193% higher than rolling average
Today's trading volume peaked at 1.69 million shares, thereby blitzing the daily average of 877,433 by 193%.
The Oklahoma-based pipeline owner has managed to gain 11.6% so far this year despite trading at lows around $45.69 previously.
Magellan Midstream Partners discloses $1.05 per share dividend to be paid on Tuesday, February 14th
HollyFrontier | 119% slightly greater than rolling average
The diversified energy company's market cap currently stands at $7.14 billion with an average daily trading volume of 4 million shares.
HollyFrontier had a compelling day today, with 4.78 million shares traded helping the company surpass its average daily volume by 119%.
Cabot Oil & Gas Corp | 219% above rolling average
Trading volume peaked at 18.76 million shares today, thereby obliterating the daily average of 8.56 million by 219%.
— Average trading volume refers to a 21-day rolling average.
