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May 06, 2023
Imperial Oil Limited, 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 had an interesting day yesterday; Dow Jones closed the day at 33,674, having gained 1.65%. S&P 500 gained 1.85% and closed at 4,136.25.
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 yesterday with some energy stocks recording abnormally high trading volumes. Here's a recap:
Imperial Oil | 207% above rolling average
The Canadian petroleum company is now trading 23.17% below the significant high of $57.87 it set around 5 months ago. Currently, Canada's second-largest oiler has a market capitalization of $27.24 billion with an average daily trading volume of 463,442 shares.
Trading volume was 959,216 shares yesterday — beating the daily average by a mammoth 207%.
HollyFrontier | 119% slightly greater than rolling average
HollyFrontier increases 2% to close at $36.39 yesterday.
With 4.78 million shares traded yesterday, HollyFrontier beat its daily average by 119% to cap off a frenetic trading day.
Cabot Oil & Gas Corp | 219% above rolling average
The oil and gas development company's market cap currently stands at $17 billion with an average daily volume of 8.56 million shares.
Yesterday's trading volume peaked at 18.76 million shares, thereby blitzing the daily average of 8.56 million by 219%.
— Average trading volume refers to a 21-day rolling average.
