The stock of Africa Energy Corp (CVE:AFE) hit a new 52-week high and has $0.37 target or 33.00% above today’s $0.28 share price. The 8 months bullish chart indicates low risk for the $71.27 million company. The 1-year high was reported on Oct, 31 by Barchart.com. If the $0.37 price target is reached, the company will be worth $23.52 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 48,000 shares traded hands. Africa Energy Corp (CVE:AFE) has risen 6.00% since October 1, 2016 and is uptrending. It has outperformed by 2.53% the S&P500.
More recent Africa Energy Corp (CVE:AFE) news were published by: Marketwired.com which released: “Africa Energy Announces C$15 Million Private Placement” on October 31, 2016. Also Marketwired.com published the news titled: “Africa Energy Closes Three Deals to Acquire 90% Interest in Block 2B Offshore …” on October 21, 2016. Seekingalpha.com‘s news article titled: “A Swing For The Fences With Rex Energy” with publication date: October 31, 2016 was also an interesting one.
Africa Energy Corp. , formerly Horn Petroleum Corporation, is a Canada exploration-stage international gas and oil exploration and development company. The company has a market cap of $71.27 million. The Firm focuses on the BLOCK 2B in South Africa. It currently has negative earnings. Block 2B covers approximately 4,360 square kilometers of the South African Western offshore approximately 300 kilometers north of Cape Town.
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