Shares of Tellurian Inc (NASDAQ:TELL) fell 8.3% during mid-day trading on Tuesday . The company traded as low as $12.03 and last traded at $12.21. 1,023,100 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 606,700 shares. The stock had previously closed at $13.32.

Separately, Cowen began coverage on shares of Tellurian in a research note on Friday, November 17th. They issued an “outperform” rating and a $13.50 price target for the company.

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC bought a new stake in shares of Tellurian in the first quarter worth $4,565,000. Morgan Stanley acquired a new position in Tellurian in the first quarter worth $1,811,000. Credit Suisse AG acquired a new position in Tellurian in the first quarter worth $414,000. California Public Employees Retirement System acquired a new position in Tellurian in the first quarter worth $379,000. Finally, Nationwide Fund Advisors acquired a new position in Tellurian in the second quarter worth $313,000. Institutional investors and hedge funds own 9.81% of the company’s stock.

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Tellurian 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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