Magellan Petroleum Corp. (MPET) Trading Down 7.7%
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.
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