A busy day for HollyFrontier Corp, Chevron, Energy Transfer LP, being the prominent energy stocks displaying higher volumes than usual.
A recap of yesterday's session: Leading equity indices in the US rose as Nasdaq gained 1.76% and closed at 11,500. S&P 500 gained 1.1% and closed at 4,060.43.
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 greater than rolling average
Trading volume was 4.78 million shares yesterday — beating the daily average by a mammoth 119%.
HollyFrontier hit a significant low of $29.34 around 10 months ago, but has since recovered 21.61%. The stock has been trending positively for about 10 months.
Chevron | 216% higher than rolling average
Chevron outpaced its average daily trading volume (6.61 million) with 14.24 million shares traded yesterday.
The integrated energy and chemicals provider has gained 3.97% since its lowest print of $130.61 earlier this year. The stock has been trending positively for about a month.
Chevron discloses $1.42 per share dividend to be paid on Monday, December 12th
Chevron is scheduled to announce earnings results today. The consensus Earnings Per Share estimate is 4.16 and the consensus revenue estimate is $54.72 billion.
Energy Transfer | 206% higher than rolling average
Yesterday's trading volume peaked at 24.11 million shares, thereby blitzing the daily average of 11.69 million by 206%.
This year has been a bright one for the Texan energy transfer business after trading as low as $9.5 and going on to appreciate by 12.39% year to date. The stock has been trending positively for about a month.
Energy Transfer discloses 26.5 cents per share dividend to be paid on Monday, November 21st
— Average trading volume refers to a 21-day rolling average.