Recon Technology, Ltd. (NASDAQ:RCON) stock experienced trading -29.55% off 52-week high price. On the other end, the stock has been noted 252.25% away from low price over the last 52-weeks. The stock disclosed a move of 78.28% away from 50 day moving average and 31.06% away from 200 day moving average. Moving closer, we can see that shares have been trading 48.47% off 20-day moving average. It has market cap of $19.43M.
On May 05, 2020, Recon Technology, Ltd. (NASDAQ:RCON) reported it signed a $2.8 million engineering and construction service subcontract with Grand Energy Development Limited on a heavy oil transportation system project (the Project) in Garraf oilfield in Iraq for the services that Recon has provided. Pursuant to the subcontract, Recon shall carry out all the engineering design services, provide the technical support to the procurement, construction, commissioning activities and provide the training services of the heavy oil transportation system project.
Garraf oilfield is located in the province of Thi Qar, Iraq, approximately 5km north-west of Al-Refaei city and 85km north of Nasiriya city. The oilfield is 17.5km long and 5.5km wide. It is estimated to hold 1.3 billion barrels of oil reserves. Based on the Final Development Plan approved by the Government of Iraq in 2018, the oilfield is undergoing further development in stages to achieve crude oil production of 230,000 barrels per day by the end of 2020.
As part of the Project, the heavy oil pipeline with a total intended capacity of 275,000 barrels per day will be built to support the Garraf production target. By providing the services under the Project, Recon has played an important role in building the heavy oil pipeline.
The China based company Recon Technology, Ltd. moved with change of 2.89% to $3.91 with the total traded volume of 83654 shares in recent session versus to an average volume of 39.22K. The stock was observed in the 5 days activity at 9.22%. The one month performance of stock was 116.84%. RCON’s shares are at 66.48% for the quarter and driving a -17.25% return over the course of the past year and is now at 70.00% since this point in 2018. Right now the stock beta is 3.36. The average volatility for the week and month was at 31.03% and 22.61% respectively. There are 4.97M shares outstanding and 2.61M shares are floated in market.