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March 17, 2023
Canadian Natural Resources Limited, Baker Hughes Co, Kinder Morgan Inc had the highest volumes yesterday.
A recap of yesterday's session: Markets closed higher yesterday; Nasdaq gained 2.48% and closed at 11,717. S&P 500 closed the day at 3,960.28, having gained 1.76%.
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:
Canadian Natural Resources | 311% above rolling average
Currently up 76.49 cents today, Canadian Natural Resources Limited is on course to break its three-day losing run. 10 months ago the Canadian oil & gas producer reached a significant high of $68.78 but has consequently lost 27.21% since then. The Canadian oil & gas producer's market cap currently stands at $55.90 billion with an average daily trading volume of 1.95 million shares.
Yesterday's trading volume peaked at 6 million shares, thereby blitzing the daily average of 1.95 million by 311%.
Baker Hughes | 231% above rolling average
Currently up 45 cents today, Baker Hughes is on course to break its six-day losing run. Baker Hughes hit a significant low of $20.45 around 5 months ago, but has since recovered 31.3%. Baker Hughes's market cap currently stands at $27.61 billion with an average daily volume of 5.32 million shares.
Baker Hughes had a compelling day yesterday, with 12.28 million shares traded helping the company surpass its average daily volume by 231%.
Kinder Morgan | 206% higher than rolling average
Kinder Morgan outpaced its average daily trading volume (12.00 million) with 24.75 million shares traded yesterday.
So far this year, the US energy infrastructure specialist has declined 6.54% while touching highs around $20.14 earlier this year. Trending downwards for around 2 months.
Kinder Morgan discloses 27.8 cents per share dividend to be paid on Wednesday, February 15th
— Average trading volume refers to a 21-day rolling average.
