Magellan Petroleum Corporation (MPET) Dives 7.46% in Morning Session on January 24

Magellan Petroleum Corporation (MPET) lost ground during morning trading on January 24 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 7.46% to $11.53 after closing the day prior at $12.46. So far, the stock has traded as high as $12.92 and as low as $11.2. Today's decline has come with about 196,007 shares changing hands, compared to an average 30-day volume of 329,596 for Magellan Petroleum Corporation. The price is currently below the 30-day volume weighted average price of $11.72 for MPET.

The share depreciation gives the company a market capitalization of $73.26 million based upon 5.88 million shares outstanding. It also means that MPET has a price-to-book ratio of 26.59:1.

In the past 52 weeks, shares of MPET have traded as low as $0.335 and as high as $16.7. Technical traders will take note that at $11.53, shares of MPET are trading above their 200-day MA at $4.33 and above their 50-day MA at $8.15. 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 13 employees are led by CEO Antoine Lafargue from the corporate headquarters at 1775 Sherman Street in Denver, CO.

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