Reconnaissance Energy Africa (CVE:RECO) Trading Up 1.2% – Here’s What Happened

Reconnaissance Energy Africa Ltd. (CVE:RECO) shares rose 1.2% during mid-day trading on Thursday . The company traded as high as C$0.84 and last traded at C$0.83. 132,814 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 741,807 shares. The stock had previously closed at C$0.82.

Analysts Set New Price Targets

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 research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of C$1.75.

Reconnaissance Energy Africa Trading Up 1.2%

The company has a 50 day moving average of C$1.00 and a 200 day moving average of C$0.98. The firm has a market cap of C$319.50 million, a price-to-earnings ratio of -20.75 and a beta of -0.20.

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.