Reconnaissance Energy Africa (CVE:RECO) Shares Down 1.7% – Here’s Why

Shares of Reconnaissance Energy Africa Ltd. (CVE:RECO) fell 1.7% during trading on Tuesday . The stock traded as low as C$1.10 and last traded at C$1.13. 456,977 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 839,516 shares. The stock had previously closed at C$1.15.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group set a C$1.75 target price on shares of Reconnaissance Energy Africa and gave the company a “speculative buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$1.75.

Reconnaissance Energy Africa Stock Down 1.7%

The business has a 50 day moving average of C$1.13 and a 200 day moving average of C$0.97. The company has a market capitalization of C$438.83 million, a P/E ratio of -28.50 and a beta of -0.19.

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. Reconnaissance Energy Africa Ltd. is headquartered in Vancouver, Canada.