Reconnaissance Energy Africa (CVE:RECO) Shares Climb 6.4% – Still a Buy?

Reconnaissance Energy Africa Ltd. (CVE:RECO)’s stock price shot up 6.4% during mid-day trading on Monday. The stock traded as high as C$0.58 and last traded at C$0.58. Approximately 496,832 shares changed hands during trading, a decline of 29% from the average session volume of 702,429 shares. The stock had previously closed at C$0.55.

Wall Street Analyst Weigh In

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

Reconnaissance Energy Africa Stock Performance

The company has a 50-day moving average of C$0.72 and a 200-day moving average of C$0.95. The stock has a market capitalization of C$245.42 million, a price-to-earnings ratio of -14.75 and a beta of -0.30.

Reconnaissance Energy Africa Company Profile

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.