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November 14, 2005

SpeculatingStocks.com Stock Pick: Magellan Petroleum Corp. (MPET)

Stock Price: $1.65


This is the second stock pick of MPET, we released it on May 12th at $1.21. By July 7th, MPET hit a 52-week high of $4.16 for a gain of 243%.

Magellan Petroleum Corp. is engaged in the sale of oil and gas. Other business activies include exploration and acquistion of oil and gas reserves. The company is primarily engaged in Australian oil properties.

MPET has trended down since hitting its 52-week high and has become less volatile while it works steadily up from its bottom. MPET became overvalued, yet in the same respect it is now oversold. Book value on MPET is $1.05.

For the quarter ended September 30th, net loss came in at $28,000 on revenue of $6.25 million. The company has been exploring for future oil hot spots and drilling, incurring extra costs. It appears the company is becoming much more aggressive to take advantage of the oil crunch that will only continue.

 
     
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