Shares of Magellan Petroleum Corp. (NASDAQ:MPET) hit a new 52-week high during trading on Wednesday . The company traded as high as $5.57 and last traded at $5.35, with a volume of 1,239,320 shares traded. The stock had previously closed at $4.12.

Separately, S&P Equity Research lowered their price objective on Magellan Petroleum Corp. from $4.00 to $3.40 in a research report on Monday.

The company’s market capitalization is $30.83 million. The stock has a 50-day moving average of $1.64 and a 200-day moving average of $1.21.

Magellan Petroleum Corporation is an oil and gas exploration and production company, which focuses on the development of carbon dioxide (CO2) enhanced oil recovery (CO2-EOR) projects in the Rocky Mountain region. The Company owns exploration acreage in the Weald Basin, and an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory in Australia.

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