Reconnaissance Energy Africa (CVE:RECO) Trading Down 21.4% – Time to Sell?

Reconnaissance Energy Africa Ltd. (CVE:RECO)’s share price dropped 21.4% on Thursday . The stock traded as low as C$0.94 and last traded at C$0.98. Approximately 2,709,108 shares traded hands during mid-day trading, an increase of 551% from the average daily volume of 416,272 shares. The stock had previously closed at C$1.24.

Reconnaissance Energy Africa Stock Performance

The stock’s fifty day simple moving average is C$1.06 and its 200-day simple moving average is C$1.02. The stock has a market cap of C$258.51 million, a P/E ratio of 2.79 and a beta of 1.24.

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.