Magellan Petroleum Corporation (NASDAQ:TELL)’s share price shot up 14% during mid-day trading on Wednesday . The stock traded as high as $10.85 and last traded at $10.82. 839,205 shares were traded during mid-day trading, an increase of 34% from the average session volume of 628,277 shares. The stock had previously closed at $9.49.

The stock’s 50-day moving average is $9.01 and its 200-day moving average is $10.71. The company’s market capitalization is $2.16 billion.

Hedge funds have recently made changes to their positions in the business. UBS Group AG acquired a new position in shares of Magellan Petroleum Corporation in the 1st quarter valued at about $105,000. Fifth Third Bancorp acquired a new position in shares of Magellan Petroleum Corporation in the 1st quarter valued at about $141,000. Segantii Capital Management Ltd acquired a new position in shares of Magellan Petroleum Corporation in the 1st quarter valued at about $164,000. Menta Capital LLC acquired a new position in shares of Magellan Petroleum Corporation in the 1st quarter valued at about $241,000. Finally, Bank of America Corp DE acquired a new position in shares of Magellan Petroleum Corporation in the 1st quarter valued at about $307,000. 8.96% of the stock is owned by institutional investors.

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About Magellan Petroleum Corporation

Tellurian Inc, formerly Magellan Petroleum Corporation, is an oil and gas exploration and production company. The Company focuses on the development of liquefied natural gas (LNG) projects along the United States Gulf Coast through its subsidiary, Tellurian Investments Inc The Company owns interests in the Horse Hill-1 well and related licenses in the Weald Basin, onshore the United Kingdom, and an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory, Australia.