Following yesterday's heightened trading volumes, HollyFrontier Corp, Cabot Oil & Gas Corp, National Oilwell Varco Inc were the standout stocks.
A quick recap of where the last trading session ended: Markets had an interesting day yesterday; S&P 500 closed the day at 3,919.29, having gained 1.65%. Nasdaq ended the session at 11,428 after a 2.14% 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:
HollyFrontier | 119% slightly greater than rolling average
HollyFrontier Corp outpaced its average daily trading volume (4 million) with 4.78 million shares traded yesterday.
The petroleum refineries company has fallen back around 2.54% from the significant high of $36.61 set 11 months ago. The stock has been trending positively for about a year.
Cabot Oil & Gas Corp | 219% higher than rolling average
The company has a market cap of $17 billion with an average daily 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 | 151% above rolling average
Yesterday's trading volume was 5.45 million shares (surpassing the daily average by 151%).
The Houston-based oil & gas exploration enabler is now trading 22.42% below the significant high of $24.8 it set around a month ago.
NOV Inc. discloses 5 cents per share dividend to be paid on Friday, December 23rd
— Average trading volume refers to a 21-day rolling average.