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June 16, 2023
The following energy stocks experienced higher volumes than usual including Canadian Natural Resources Limited, HollyFrontier Corp, Cabot Oil & Gas Corp and others.
A recap of yesterday's session: Leading equity indices in the US rose as Dow Jones closed the day at 34,400, having gained 1.26%. S&P 500 ended the session at 4,426 after a 1.22% 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 yesterday with some energy stocks recording abnormally high trading volumes. Here's a recap:
Canadian Natural Resources | 192% higher than rolling average
The Canadian oil & gas producer now trading 9.78% above its 3-month low of $44.78. On a negative trend for around 2 months. The company is currently trading with a market cap of $60.69 billion with an average daily volume of 2.34 million shares.
With 4.50 million shares traded yesterday, Canadian Natural Resources beat its daily average by 192% to cap off a frenetic trading day.
HollyFrontier | 119% slightly above rolling average
HollyFrontier outpaced its average daily trading volume (4 million) with 4.78 million shares traded yesterday.
Cabot Oil & Gas Corp | 219% higher than rolling average
Cabot Oil & Gas Corp moves 0% to close at $22.25 yesterday.
Cabot Oil & Gas Corp had a compelling day yesterday, with 18.76 million shares traded helping the company surpass its average daily volume by 219%.
— Average trading volume refers to a 21-day rolling average.
