September 14, 2016 - 5:56 PM EDT
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Magellan Petroleum Corporation (MPET) Dives 6.91% in Morning Session on September 13

Magellan Petroleum Corporation (MPET) lost ground during morning trading on September 13 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector halfway through the trading day. At the lunch break, shares of MPET have fallen 6.91% to $4.93 after closing the day prior at $5.3. So far, the stock has traded as high as $5.25 and as low as $4.7. Today's decline has come with about 260,528 shares changing hands, compared to an average 30-day volume of 1.04 million for Magellan Petroleum Corporation. The price is currently below the 30-day volume weighted average price of $4.95 for MPET. The share depreciation gives the company a market capitalization of $30.54 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 $4.93, shares of MPET are trading above their 200-day MA at $1.56 and above their 50-day MA at $3.47. 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 below them is typically regarded as bearish. 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 FinancialPress.com today. All data provided by QuoteMedia, with stock data accurate as of 12:00 PM ET. FinancialPress.com is not responsible for inaccuracies in third-party supplied information. About FinancialPress.com FinancialPress.com 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 14, 2016 - 5:56 PM EDT)

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