Magellan Petroleum Corp. (NASDAQ:MPET) fell 2.5% during mid-day trading on Monday . The stock traded as low as $5.45 and last traded at $5.50, with a volume of 157,649 shares trading hands. The stock had previously closed at $5.64.

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

The company’s 50-day moving average price is $2.70 and its 200 day moving average price is $1.51. The stock’s market capitalization is $31.69 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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