Reconnaissance Energy Africa (CVE:RECO) Shares Up 9.3% - Here's Why

Key Points

• Shares jumped 9.3% mid-day to C$1.18 on volume of 1,111,282 shares, about 13% above the average, after a prior close of C$1.08.
• The company has a market capitalization of C$446.04 million, a low P/E of 3.81 and negative beta (-0.11), and the stock trades above its 50‑day (C$0.94) and 200‑day (C$0.78) moving averages.
• Reconnaissance Energy Africa is a Vancouver-based junior oil and gas explorer with a 90% interest in a ~25,341 km² Namibia license and 100% interest in an ~8,990 km² Botswana license.

Reconnaissance Energy Africa Ltd. (CVE:RECO - )'s stock price shot up 9.3% during mid-day trading on Thursday . The company traded as high as C$1.18 and last traded at C$1.18. 1,111,282 shares changed hands during mid-day trading, an increase of 13% from the average session volume of 983,741 shares. The stock had previously closed at C$1.08.

Reconnaissance Energy Africa Price Performance

The stock has a market capitalization of C$446.04 million, a P/E ratio of 3.81 and a beta of -0.11. The stock's fifty day moving average is C$0.94 and its 200-day moving average is C$0.78.

Reconnaissance Energy Africa Company Profile

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. Reconnaissance Energy Africa Ltd. is headquartered in Vancouver, Canada.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.