Shares of Magellan Petroleum Corp. (NASDAQ:MPET) saw strong trading volume on Friday . 1,752,473 shares traded hands during mid-day trading, an increase of 62% from the previous session’s volume of 1,082,575 shares.The stock last traded at $6.35 and had previously closed at $6.01.

Separately, S&P Equity Research decreased their target price on shares of Magellan Petroleum Corp. from $4.00 to $3.40 in a report on Monday.

The company’s 50-day moving average is $1.77 and its 200-day moving average is $1.25. The stock’s market cap is $38.32 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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