Magellan Petroleum Corp. (NASDAQ:MPET)’s share price fell 7.7% during mid-day trading on Monday . The company traded as low as $5.85 and last traded at $6.14, with a volume of 772,267 shares traded. The stock had previously closed at $6.65.

Separately, S&P Equity Research cut their target price on Magellan Petroleum Corp. from $4.00 to $3.40 in a report on Monday, August 8th.

The stock has a 50-day moving average price of $2.06 and a 200 day moving average price of $1.34. The stock’s market cap is $35.15 million.

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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