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May 27, 2023
HollyFrontier Corp, Suncor Energy Inc., Cabot Oil & Gas Corp and others reached higher-than-usual trading volumes.
Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq ended the session at 12,976 after a 2.19% gain. S&P 500 gained 1.3% and closed at 4,205.45.
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:
HollyFrontier | 119% slightly above rolling average
The company has a market cap of $7.14 billion with an average daily trading volume of 4 million shares.
Trading volume peaked at 4.78 million shares yesterday, thereby obliterating the daily average of 4 million by 119%.
Suncor Energy | 206% higher than rolling average
Suncor Energy dropped to $27.59, hitting its lowest point in 7 months. It later recovered 95 cents and closed higher at $28.54. Suncor Energy recovered from the previous trading session's losses and went up to $28.54 yesterday after it traded lower at $27.59.
Trading volume was 8.89 million shares yesterday — beating the daily average by a mammoth 206%.
Cabot Oil & Gas Corp | 219% above rolling average
Currently, the oil and gas development company has a market capitalization of $17 billion with an average daily volume of 8.56 million shares.
With 18.76 million shares traded yesterday, Cabot Oil & Gas Corp beat its daily average by 219% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.
