Reconnaissance Energy Africa (CVE:RECO) Shares Up 16.2% – Should You Buy?

Reconnaissance Energy Africa Ltd. (CVE:RECO)’s share price was up 16.2% during mid-day trading on Wednesday . The stock traded as high as C$1.18 and last traded at C$1.15. Approximately 857,737 shares changed hands during trading, an increase of 216% from the average daily volume of 271,213 shares. The stock had previously closed at C$0.99.

Reconnaissance Energy Africa Stock Performance

The stock’s 50 day simple moving average is C$1.05 and its 200 day simple moving average is C$1.02. The firm has a market cap of C$328.77 million, a PE ratio of 3.54 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.