Reconnaissance Energy Africa (CVE:RECO) Shares Down 8.7% – Time to Sell?

Reconnaissance Energy Africa Ltd. (CVE:RECO)’s share price dropped 8.7% during trading on Friday . The stock traded as low as C$0.89 and last traded at C$0.89. Approximately 171,083 shares were traded during trading, a decline of 57% from the average daily volume of 399,924 shares. The stock had previously closed at C$0.98.

Reconnaissance Energy Africa Trading Down 10.8 %

The stock’s 50 day simple moving average is C$1.06 and its 200 day simple moving average is C$1.02. The stock has a market capitalization of C$230.67 million, a P/E ratio of 2.49 and a beta of 1.24.

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.