Magellan Petroleum Corp. (NASDAQ:MPET) shares fell 7.7% during trading on Monday . The stock traded as low as $5.85 and last traded at $6.14, with a volume of 772,267 shares changing hands. The stock had previously closed at $6.65.

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

The firm’s market capitalization is $34.92 million. The company’s 50-day moving average price is $2.20 and its 200 day moving average price is $1.38.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with's FREE daily email newsletter.