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Magellan Petroleum Corporation (Nasdaq: MPET) Continues Massive 2016 Gains

Magellan Petroleum Corporation – Nasdaq: MPET

Shares of the Magellan Petroleum Corporation were trading in the $5 handle in the first week of December. Today the shares, traded under ticker symbol MPET on the Nasdaq, traded as high as $10.40.

Magellan Petroleum Corporation, based in Denver, CO, is an independent oil and gas exploration and production company focused on CO2-enhanced oil recovery projects in the Rocky Mountain region. Magellan also owns significant exploration acreage in the Weald Basin, onshore UK, and an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory, Australia, which the Company currently plans to farm out and a 1.9% ownership stake in Central Petroleum Limited, a Brisbane, Australia-based junior exploration and production company that operates one of the largest holdings of prospective onshore acreage in Australia.

Magellan Petroleum conducts operations through three wholly owned subsidiaries corresponding to the geographical areas in which the Company operates: Nautilus Poplar LLC in the US, Magellan Petroleum (UK) Limited in the United Kingdom, and Magellan Petroleum Australia Pty Ltd in Australia.

It is noteworthy that MPET traded below $0.25 in January – making the shares one of the Nasdaq’ largest annual gainers for 2016. MPET is followed by two analysts – one rates it a “Buy” and one a “Hold”.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

12/27/2016
Ticker Symbol MPET
Last Price a/o 4:00 PM EST  $               9.88
Average Volume 135,370
Market Cap $56.09 million
Sales $-
Shares Outstanding 6.09 million
Share Float 4.66 million
Shortable Yes
Optionable No
Inside Ownership 13.10%
Short Float 14.80%
Short Interest Ratio 5.1
Quarterly Return 78.83%
YTD Return 1574.55%
Year Return 1361.90%