Shares of Magellan Petroleum Corp. (NASDAQ:MPET) were up 13.8% on Thursday . The company traded as high as $6.74 and last traded at $6.09, with a volume of 4,524,515 shares changing hands. The stock had previously closed at $5.35.

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

The stock’s market cap is $34.63 million. The stock’s 50-day moving average is $1.64 and its 200-day moving average is $1.21.

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.