Magellan Petroleum Corporation (TELL) Coverage Initiated by Analysts at Cowen and Company

Cowen and Company initiated coverage on shares of Magellan Petroleum Corporation (NASDAQ:TELL) in a report issued on Friday. The firm issued an outperform rating and a $13.50 price objective on the oil and gas producer’s stock.

Magellan Petroleum Corporation (TELL) traded up $1.09 during mid-day trading on Friday, hitting $11.73. 1,170,000 shares of the company traded hands, compared to its average volume of 380,767. Magellan Petroleum Corporation has a twelve month low of $5.01 and a twelve month high of $21.74.

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A number of hedge funds and other institutional investors have recently bought and sold shares of TELL. Geode Capital Management LLC acquired a new stake in Magellan Petroleum Corporation in the first quarter valued at approximately $4,565,000. Goldman Sachs Group Inc. acquired a new stake in Magellan Petroleum Corporation in the first quarter valued at approximately $3,352,000. Morgan Stanley acquired a new stake in Magellan Petroleum Corporation in the first quarter valued at approximately $1,811,000. Bank of New York Mellon Corp acquired a new stake in Magellan Petroleum Corporation in the first quarter valued at approximately $428,000. Finally, Credit Suisse AG acquired a new stake in Magellan Petroleum Corporation in the first quarter valued at approximately $414,000. Hedge funds and other institutional investors own 9.37% of the company’s stock.

Magellan Petroleum Corporation Company Profile

Tellurian Inc, formerly Magellan Petroleum Corporation, is an oil and gas exploration and production company. The Company focuses on the development of liquefied natural gas (LNG) projects along the United States Gulf Coast through its subsidiary, Tellurian Investments Inc The Company owns interests in the Horse Hill-1 well and related licenses in the Weald Basin, onshore the United Kingdom, and an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory, Australia.

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