Magellan Petroleum Corp. (NASDAQ:MPET) was down 2.9% during mid-day trading on Wednesday . The company traded as low as $5.35 and last traded at $5.40, with a volume of 67,134 shares changing hands. The stock had previously closed at $5.56.

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

The firm has a 50-day moving average of $5.15 and a 200 day moving average of $2.15. The firm’s market capitalization is $32.33 million.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/magellan-petroleum-corp-mpet-trading-down-2-9.html

About Magellan Petroleum Corp.

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.

5 Day Chart for NASDAQ:MPET

Receive News & Ratings for Magellan Petroleum Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magellan Petroleum Corp. and related companies with MarketBeat.com's FREE daily email newsletter.