Reconnaissance Energy Africa (CVE:RECO) Shares Down 1% – Time to Sell?

Reconnaissance Energy Africa Ltd. (CVE:RECO) traded down 1% on Wednesday . The stock traded as low as C$0.98 and last traded at C$1.01. Approximately 415,992 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 779,144 shares. The stock had previously closed at C$1.02.

Wall Street Analysts Forecast Growth

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

Reconnaissance Energy Africa Trading Down 1.0%

The stock has a market capitalization of C$388.79 million, a PE ratio of -25.25 and a beta of -0.14. The stock’s fifty day simple moving average is C$1.11 and its 200-day simple moving average is C$1.00.

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.