Reconnaissance Energy Africa (CVE:RECO) Trading Down 16.4% - Here's Why

Key Points

• Reconnaissance Energy Africa Ltd. (CVE:RECO) saw its stock price drop by 16.4%, trading as low as C$0.53, following a notable increase in trading volume.
• The company's market capitalization stands at C$146.06 million, with a PE ratio of 1.77 and a beta of -0.66.
• Reconnaissance Energy Africa focuses on exploration and development of oil and gas properties in Namibia and Botswana, holding significant licenses in these regions.

Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report) fell 16.4% on Friday . The stock traded as low as C$0.53 and last traded at C$0.56. 1,855,708 shares were traded during trading, an increase of 456% from the average session volume of 334,016 shares. The stock had previously closed at C$0.67.

Reconnaissance Energy Africa Stock Performance

The stock has a 50-day moving average of C$0.54 and a 200 day moving average of C$0.53. The firm has a market capitalization of C$138.09 million, a P/E ratio of 1.68 and a beta of -0.66.

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.