Africa Energy (CVE:AFE) Share Price Passes Below 50-Day Moving Average - Here's Why

Key Points

• Africa Energy Corp. (CVE:AFE) shares have fallen below their 50-day moving average of C$0.17, trading at C$0.16 with a volume of 7,500 shares.
• The company reports a debt-to-equity ratio of 28.69 and a market capitalization of C$76.67 million, with a PE ratio of -1.78.
• Africa Energy focuses on oil and gas exploration in South Africa and Namibia, particularly on potential gas condensate development in Block 11B/12B offshore.

Africa Energy Corp. (CVE:AFE - ) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$0.17 and traded as low as C$0.16. Africa Energy shares last traded at C$0.16, with a volume of 7,500 shares trading hands.

Africa Energy Stock Down 3.0%

The business has a 50 day simple moving average of C$0.17 and a 200 day simple moving average of C$0.11. The company has a debt-to-equity ratio of 28.69, a current ratio of 0.25 and a quick ratio of 28.20. The stock has a market cap of C$76.67 million, a PE ratio of -1.78 and a beta of -0.60.

About Africa Energy

Africa Energy Corp. operates as an oil and gas exploration and production company in South Africa and Namibia. The company focuses on potential gas condensate development on Block 11B/12B offshore in South Africa. It also holds interest in the Block 2B offshore the Republic of South Africa. The company was formerly known as Horn Petroleum Corporation and changed its name to Africa Energy Corp.

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