NEW YORK ( TheStreet) -- Shares of CE Franklin (Nasdaq: CFK) have taken a tremendous swing upward. The stock is trading at $12.23 as of 9:40 a.m. ET, 34.8% above Wednesday's closing price of $9.07. Volume is at 108,351, 11.4 times the daily average of 9,500. CE Franklin has a market cap of $167.1 million and is part of the services sector and wholesale industry. Shares are up 11.8% year to date as of the close of trading on Wednesday. CE Franklin Ltd. engages in the distribution of pipes, valves, flanges, fittings, production equipment, tubular products, and other general industrial supplies primarily to the oil and gas industry in Canada. It also offers pump repair, customized pump designs and testing, and on call services. The company has a P/E ratio of 8.7, below the average wholesale industry P/E ratio of 8.9 and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates CE Franklin as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full CE Franklin Ratings Report. See our top % gaining stocks list for other stocks that are soaring today, or get investment ideas from our investment research center.