Reconnaissance Energy Africa (CVE:RECO) Trading 4.3% Higher – Should You Buy?

Reconnaissance Energy Africa Ltd. (CVE:RECO) was up 4.3% during trading on Thursday . The company traded as high as C$0.75 and last traded at C$0.73. 369,774 shares traded hands during trading, a decline of 48% from the average session volume of 711,281 shares. The stock had previously closed at C$0.70.

Analyst Upgrades and Downgrades

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

Reconnaissance Energy Africa Price Performance

The stock’s 50 day simple moving average is C$0.88 and its two-hundred day simple moving average is C$0.98. The company has a market capitalization of C$281.80 million, a P/E ratio of -18.25 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.