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Reconnaissance Energy Africa (CVE:RECO) Shares Down 17.9% - Time to Sell?

Reconnaissance Energy Africa logo with Energy background

Key Points

  • Reconnaissance Energy Africa Ltd. (CVE:RECO)'s shares fell by 17.9%, trading as low as C$0.53 on Friday, with a significant trading volume increase of 478%.
  • The company's market cap stands at C$146.06 million with a low P/E ratio of 1.77.
  • Reconnaissance Energy focuses on exploration and development of oil and gas in Namibia and Botswana, holding significant interests in petroleum exploration licenses in both countries.
  • MarketBeat previews top five stocks to own in October.

Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report) was down 17.9% during mid-day trading on Friday . The stock traded as low as C$0.53 and last traded at C$0.55. Approximately 1,938,133 shares changed hands during mid-day trading, an increase of 478% from the average daily volume of 335,483 shares. The stock had previously closed at C$0.67.

Reconnaissance Energy Africa Trading Down 17.9%

The firm's 50 day moving average is C$0.54 and its two-hundred day moving average is C$0.53. The firm has a market cap of C$146.06 million, a P/E ratio of 1.77 and a beta of -0.66.

About Reconnaissance Energy Africa

(Get Free Report)

Reconnaissance Energy Africa Ltd., a junior oil and gas company, engages in exploration and development of oil and gas properties in Namibia and Botswana. The company holds a 90% interest in a petroleum exploration license that covers an area of approximately 25,341.33 square kilometer located in Namibia; and 100% working interest in a petroleum license, which covers an area of 8,990 square kilometer located in northwestern Botswana.

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