Reconnaissance Energy Africa (CVE:RECO) Shares Down 7.1% - Here's Why

Key Points

• The share price of Reconnaissance Energy Africa dropped by 7.1%, closing at C$0.78 after reaching a low of C$0.77.
• About 407,361 shares were traded, marking an increase of 28% from the average daily volume of 318,312 shares.
• Reconnaissance Energy Africa has a market capitalization of C$199.18 million and a low PE ratio of 2.42, indicating it is significantly undervalued compared to earnings.

Reconnaissance Energy Africa Ltd. (CVE:RECO - )'s share price dropped 7.1% on Monday . The stock traded as low as C$0.77 and last traded at C$0.78. Approximately 407,361 shares traded hands during mid-day trading, an increase of 28% from the average daily volume of 318,312 shares. The stock had previously closed at C$0.84.

Reconnaissance Energy Africa Stock Down 10.7%

The company has a market capitalization of C$199.18 million, a PE ratio of 2.42 and a beta of -0.66. The firm has a 50-day moving average of C$0.52 and a two-hundred day moving average of C$0.53.

About Reconnaissance Energy Africa

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.