Magellan Petroleum Corp. (NASDAQ:MPET) dropped 7.8% on Monday . The stock traded as low as $5.40 and last traded at $5.47, with a volume of 711,500 shares. The stock had previously closed at $5.93.

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

The firm has a 50 day moving average of $3.75 and a 200 day moving average of $1.79. The firm’s market capitalization 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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