NEW YORK ( TheStreet) -- Shares of Innospec (Nasdaq: IOSP) were gapping up Wednesday morning with an open price 10.5% higher than Tuesday's closing price. The stock closed at $23.48 Tuesday and opened today's trading at $25.95. The average volume for Innospec has been 75,500 shares per day over the past 30 days. Innospec has a market cap of $555.1 million and is part of the basic materials sector and chemicals industry. Innospec Inc. engages in the development, manufacture, blending, and marketing of fuel additives and other specialty chemicals to oil refineries, and other chemical and industrial companies worldwide. The company has a P/E ratio of 11.8, equal to the average chemicals industry P/E ratio and below the S&P 500 P/E ratio of 23.4. TheStreet Ratings rates Innospec as a buy. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and attractive valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Innospec Ratings Report. Get more investment ideas from our investment research center.