Magellan Petroleum Corp. (NASDAQ:MPET) shares fell 1.8% on Monday . The stock traded as low as $5.35 and last traded at $5.38, with a volume of 206,135 shares traded. The stock had previously closed at $5.48.

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

The firm has a 50-day moving average of $3.14 and a 200 day moving average of $1.63. The firm’s market capitalization is $31.46 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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