Reconnaissance Energy Africa (CVE:RECO) Stock Price Down 17.2% – Here’s Why

Shares of Reconnaissance Energy Africa Ltd. (CVE:RECO) fell 17.2% on Thursday . The stock traded as low as C$0.74 and last traded at C$0.82. 2,911,801 shares traded hands during trading, an increase of 272% from the average daily volume of 782,276 shares. The stock had previously closed at C$0.99.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group set a C$1.75 price target on Reconnaissance Energy Africa and gave the stock a “speculative buy” rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Reconnaissance Energy Africa currently has a consensus rating of “Buy” and an average target price of C$1.75.

Reconnaissance Energy Africa Stock Down 17.2%

The business’s fifty day moving average is C$1.09 and its 200 day moving average is C$1.01. The firm has a market capitalization of C$315.65 million, a price-to-earnings ratio of -20.50 and a beta of -0.14.

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