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

Key Points

• Reconnaissance Energy Africa Ltd. saw its share price decline by 17.9% , trading as low as C$0.53, with a last traded price of C$0.55.
• Trading volume surged to 1,938,133 shares, marking an increase of 478% compared to the average session volume of 335,483 shares.
• The company, which has a market cap of C$146.06 million, focuses on oil and gas exploration in Namibia and Botswana, holding significant licenses for both countries.

Shares of Reconnaissance Energy Africa Ltd. (CVE:RECO - Get Free Report) were down 17.9% during mid-day trading on Saturday . The company traded as low as C$0.53 and last traded at C$0.55. Approximately 1,938,133 shares changed hands during 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 Price Performance

The stock has a 50-day simple moving average of C$0.54 and a 200-day simple moving average of C$0.53. The stock has a market cap of C$146.06 million, a PE ratio of 1.77 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.