Magellan Petroleum Corp. (MPET) Shares Up 12%
Shares of Magellan Petroleum Corp. (NASDAQ:MPET) shot up 12% during trading on Thursday . The company traded as high as $6.58 and last traded at $6.16, with a volume of 1,920,939 shares changing hands. The stock had previously closed at $5.50.
Separately, S&P Equity Research reduced their price objective on shares of Magellan Petroleum Corp. from $4.00 to $3.40 in a research note on Monday, August 8th.
The firm’s 50-day moving average price is $3.75 and its 200 day moving average price is $1.79. The firm’s market cap is $31.52 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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