Magellan Petroleum Corp. (NASDAQ:MPET) shares rose 13.8% during mid-day trading on Thursday . The stock traded as high as $6.74 and last traded at $6.09, with a volume of 4,524,515 shares. The stock had previously closed at $5.35.

Separately, S&P Equity Research reduced their price objective on Magellan Petroleum Corp. from $4.00 to $3.40 in a research note on Monday, August 8th.

The stock’s market capitalization is $38.32 million. The stock has a 50-day moving average of $1.92 and a 200 day moving average of $1.29.

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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