Magellan Petroleum Corp. (NASDAQ:MPET)’s share price was up 3.1% during trading on Friday . The company traded as high as $5.77 and last traded at $5.63, with a volume of 340,158 shares traded. The stock had previously closed at $5.46.

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

The firm’s market cap is $32.56 million. The company has a 50-day moving average price of $2.45 and a 200 day moving average price of $1.44.

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.