The stock of Magellan Petroleum Corporation (NASDAQ:MPET) is a huge mover today! About 202,585 shares traded hands. Magellan Petroleum Corporation (NASDAQ:MPET) has risen 410.68% since February 26, 2016 and is uptrending. It has outperformed by 400.25% the S&P500.
The move comes after 5 months positive chart setup for the $31.62 million company. It was reported on Oct, 1 by Barchart.com. We have $11.78 PT which if reached, will make NASDAQ:MPET worth $35.73M more.
According to Zacks Investment Research, “MAGELLAN PETROLEUM CORP. is engaged directly and through its majority-owned subsidiary, in the sale of oil and gas and the exploration for and development of oil and gas reserves. At June 30, 1996, Co.’s principal asset was a 50.7% equity interest in its subsidiary, Magellan Petroleum Australia Limited.”
More news for Magellan Petroleum Corporation (NASDAQ:MPET) were recently published by: Marketwatch.com, which released: “Virtual Stock Exchange” on February 12, 2011. Bizjournals.com‘s article titled: “After announcing merger with Houston co., Denver energy company switches CEO” and published on August 08, 2016 is yet another important article.
MPET Company Profile
Magellan Petroleum Corporation, incorporated on August 17, 1967, is an gas and oil exploration and production company. The Firm focuses on the development of liquefied natural gas (LNG) projects along the United States Gulf Coast. The Firm conducts its activities through two subsidiaries corresponding to the geographical areas in which the Company operates: Magellan Petroleum (UK) Limited (MPUK) and Magellan Petroleum Australia Pty Ltd (MPA). As of June 30, 2016, the Company had two geographic divisions: MPUK and MPA, corresponding to its activities in the United Kingdom and Australia, respectively.
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