Reconnaissance Energy Africa (CVE:RECO) Stock Price Up 7.9% – Here’s Why

Shares of Reconnaissance Energy Africa Ltd. (CVE:RECO) traded up 7.9% during mid-day trading on Wednesday . The company traded as high as C$0.70 and last traded at C$0.68. 210,454 shares changed hands during trading, a decline of 39% from the average session volume of 346,673 shares. The stock had previously closed at C$0.63.

Reconnaissance Energy Africa Stock Performance

The firm has a market cap of C$144.28 million, a P/E ratio of -5.68 and a beta of 1.24. The company’s 50 day moving average is C$0.74 and its 200 day moving average is C$0.91.

About Reconnaissance Energy Africa

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.