NEW YORK ( TheStreet) -- Shares of China North East Petroleum Holdings (AMEX: NEP) have taken a tremendous swing upward. The stock is trading at $3.04 as of 12:46 p.m. ET, 21.1% above Wednesday's closing price of $2.51. Volume is at 750,054, 4.5 times the daily average of 167,700. China North East has a market cap of $80.5 million and is part of the basic materials sector and energy industry. Shares are down 56.4% year to date as of the close of trading on Wednesday. China North East Petroleum Holdings Limited engages in the exploration and production of crude oil in northern China. As of December 31, 2010, it operated 295 producing wells with proven reserves of 5,476,200 barrels of crude oil at Qian'an 112, Hetingbao 301, Daan 34, and Gudian 31 oilfields. The company has a P/E ratio of two, equal to the average energy industry P/E ratio and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates China North East as a hold. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself. You can view the full China North East Ratings Report. See our top % gaining stocks list for other stocks that are soaring today, or get investment ideas from our investment research center. Interested in other stocks that are soaring? Get free SMS text alerts sent to you when the action happens by texting SOAR to 95370 or select from multiple alert options.