3 stocks endured heavy volumes amid market jump yesterday

HollyFrontier Corp, Cabot Oil & Gas Corp, National Oilwell Varco Inc led the pack during yesterday's heightened trading volumes.

Yesterday's session summary: Leading equity indices in the US rose as Nasdaq ended the session at 13,556 after a 1.65% gain. S&P 500 closed the day at 4,378.41, having gained 1.15%.

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

Yesterday's trading volume peaked at 4.78 million shares, thereby blitzing the daily average of 4 million by 119%.

Cabot Oil & Gas Corp | 219% higher than rolling average

The hydrocarbon exploration company's market cap currently stands at $17 billion with an average daily trading volume of 8.56 million shares.

Cabot Oil & Gas Corp outpaced its average daily trading volume (8.56 million) with 18.76 million shares traded yesterday.

NOV Inc. | 131% slightly greater than rolling average

NOV had a compelling day yesterday, with 6.69 million shares traded helping the company surpass its average daily volume by 131%.

Over the past 5 months, the hydrocarbon exploration enabler has retreated 38.43% from a noteworthy peak of $24.8.

NOV's board sets quarterly dividend of 5 cents per share to be paid on Friday, June 30th; annual dividend yield esimated at 1.26%.

— Average trading volume refers to a 21-day rolling average.