September 2, 2016 - 4:45 PM EDT
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Magellan Petroleum Corporation (MPET) Climbs 7.27% Gain on September 1 to Lead Basic Materials Sector

Magellan Petroleum Corporation (MPET) was one of the best performers amongst all companies listed in the basic materials sector on the NYSE and NASDAQ exchanges during trading on September 1, climbing 7.27% to wrap the day at $5.9 after closing the day prior at $5.5. Throughout the trading session, shares of MPET rose as high as $6.58 and dipped as low as $5.5. Today's advance came with about 2.3 million shares changing hands, compared to an average 30-day volume of 900,869 for Magellan Petroleum Corporation. The price is currently below the 30-day volume weighted average price of $6.19 for MPET. The share appreciation today gives the company a market capitalization of $31.69 million based upon 5.76 million shares outstanding. It also means that MPET has a price-to-book ratio of 1.99:1. In the past 52 weeks, shares of MPET have traded as low as $0.2001 and as high as $7.17. Technical traders will take note that at $5.9, shares of MPET are trading above their 200-day MA at $1.39 and above their 50-day MA at $2.85. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish. Who is MPET? Magellan Petroleum Corp is an oil and gas exploration and production company. It is engaged in the development of CO2-enhanced oil recovery project in the Rocky Mountain region. It operates in USA, UK and Australia. The company’s 20 employees are led by CEO Antoine Lafargue from the corporate headquarters at 1775 Sherman Street in Denver, CO. For more information on MPET and other companies trading on the major exchanges, as well as the over the counter markets, or to be considered for contributing content for our distribution network, visit today. All data provided by QuoteMedia, with stock data accurate as of 4:00 PM ET. is not responsible for inaccuracies in third-party supplied information. About is a leading publisher of market and investment news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the financial markets and global economies. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts, which in turn delivers a variety of unique opportunities for industry partnerships, corporate communications, market exposure and investment. A complete disclaimer can be viewed here.

Source: Financial Press News (September 2, 2016 - 4:45 PM EDT)

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