The stock of Magellan Petroleum Corporation (NASDAQ:MPET) hit a new 52-week high and has $6.13 target or 3.00% above today’s $5.95 share price. The 7 months bullish chart indicates low risk for the $35.19M company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $6.13 price target is reached, the company will be worth $1.06 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 845,940 shares traded hands or 1317.01% up from the average. Magellan Petroleum Corporation (NASDAQ:MPET) has risen 441.67% since April 25, 2016 and is uptrending. It has outperformed by 435.65% the S&P500.
Analysts await Magellan Petroleum Corporation (NASDAQ:MPET) to report earnings on February, 10.
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: “Plus the latest data from Realtor.com on 21 home markets across the US” on February 12, 2011. Thestreet.com‘s article titled: “Why Magellan Petroleum (MPET) Stock Is Up Today” and published on June 03, 2014 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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