StockNews.com Initiates Coverage on New Concept Energy (NYSE:GBR)

StockNews.com assumed coverage on shares of New Concept Energy (NYSE:GBR) in a research note issued to investors on Saturday. The firm set a “sell” rating on the stock.

New Concept Energy Stock Down 1.8 %

Shares of New Concept Energy stock opened at $1.16 on Friday. The business has a fifty day simple moving average of $1.17 and a 200-day simple moving average of $1.30. New Concept Energy has a fifty-two week low of $0.96 and a fifty-two week high of $1.82. The firm has a market cap of $5.95 million, a price-to-earnings ratio of -38.67 and a beta of 0.33.

Hedge Funds Weigh In On New Concept Energy

A hedge fund recently raised its stake in New Concept Energy stock. PFG Investments LLC raised its holdings in shares of New Concept Energy, Inc. (NYSE:GBR) by 69.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 152,600 shares of the company’s stock after buying an additional 62,400 shares during the period. PFG Investments LLC owned about 2.97% of New Concept Energy worth $244,000 as of its most recent SEC filing.

New Concept Energy Company Profile

New Concept Energy, Inc engages in real estate rental business. The company owns approximately 190 acres of land located in Parkersburg West Virginia. It also provides advisory and management services for an independent oil and gas company. The company was formerly known as CabelTel International Corporation and changed its name to New Concept Energy, Inc in May 2008.