Shares of Ivanhoe Energy Inc (TSX: IE), engaged in the development and production of heavy oil, recorded over 33.0% gain during each of the past two consecutive trading sessions with significant number of shares exchanging hands. IE was the top performer in Canadian energy sector after gaining 33.3% and closed at C$1.16 Tuesday, while recording significant trading volumes of 525,639 shares. The stock’s price rise is attributable to the continuing upward trend in oil prices. During the past 5-trading sessions, IE gained 118.9% with daily average trading volumes of 154,560 shares, while the stock accumulated 81.3% gain during the past one month with daily average trading volumes of 39,548 shares. The stock is up 93.3% year-to-date.
Company Description:
Ivanhoe Energy, Inc. (TSX: IE) is an independent, international heavy-oil development and production company. The company pursues long-term growth in its reserves and production using advanced technologies including its proprietary, patented heavy-oil upgrading process (HTL). Core operations are in Canada, Ecuador and Mongolia, with business development opportunities worldwide.
1-Year Stock Chart:
Source: Bloomberg
