(Ivanhoe Energy story updated for market closing price and volume)
VANCOUVER ( TheStreet) -- Shares of Vancouver-based oil producer Ivanhoe Energy (IVAN) spiked to more than seven times its average daily volume on Tuesday as Ivanhoe climbed above its 50-day and 200-day moving average prices.
Ivanhoe shares soared on the Tuesday market open to a near-52-week high of $2.99, and near the end of the trading session on Tuesday had hit a new 52-week high of $3.12. Ivanhoe shares ended Tuesday at $3.03, on volume of more than 7 million shares traded, versus an average daily volume of 640,000.
The gains in Ivanhoe Energy shares represented 13%, or 35 cents.Ivanhoe Energy's previous 52-week high of $2.99 was attained on Oct. 12. Ivanhoe Energy has not experienced this level of trading since the two-day period of Oct. 9 and Oct. 12, when the oil producer achieved its previous 52-week high. On Oct. 9 and Oct. 12, 11 million and five million shares of Ivanhoe Energy were traded, respectively. Trading in Ivanhoe Energy shares has only been above the 2 million share level -- for a full-day -- once since the October high.