Magellan Petroleum Corp. (NASDAQ:MPET) was up 12% during mid-day trading on Thursday . The company traded as high as $6.58 and last traded at $6.16, with a volume of 1,920,939 shares. The stock had previously closed at $5.50.

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

The stock has a 50 day moving average price of $3.50 and a 200-day moving average price of $1.73. The firm’s market cap is $33.52 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.