Africa Energy (CVE:AFE) Share Price Crosses Above 50 Day Moving Average – Here’s Why

Shares of Africa Energy Corp. (CVE:AFE) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$0.19 and traded as high as C$0.19. Africa Energy shares last traded at C$0.19, with a volume of 4,000 shares changing hands.

Africa Energy Price Performance

The company has a 50-day simple moving average of C$0.19 and a 200-day simple moving average of C$0.22. The stock has a market cap of C$99.97 million, a PE ratio of -19.00 and a beta of 0.84.

Insider Buying and Selling

In other news, insider Meren Energy Inc. sold 5,000,000 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of C$0.14, for a total value of C$700,000.00. Following the completion of the sale, the insider owned 271,982,414 shares of the company’s stock, valued at C$38,077,537.96. This represents a 1.81% decrease in their ownership of the stock. 56.17% of the stock is owned by corporate insiders.

About Africa Energy

Africa Energy Corp. operates as an oil and gas exploration and production company in South Africa and Namibia. The company focuses on potential gas condensate development on Block 11B/12B offshore in South Africa. It also holds interest in the Block 2B offshore the Republic of South Africa. The company was formerly known as Horn Petroleum Corporation and changed its name to Africa Energy Corp. in March 2015. Africa Energy Corp. is headquartered in Vancouver, Canada.