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

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

New Concept Energy Price Performance

New Concept Energy stock opened at $1.16 on Friday. The firm has a market capitalization of $5.95 million, a P/E ratio of -38.67 and a beta of 0.33. The stock has a fifty day moving average price of $1.17 and a two-hundred day moving average price of $1.30. New Concept Energy has a 52-week low of $0.96 and a 52-week high of $1.82.

Hedge Funds Weigh In On New Concept Energy

A hedge fund recently raised its stake in New Concept Energy stock. PFG Investments LLC lifted its holdings in New Concept Energy, Inc. (NYSE:GBR) by 69.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 152,600 shares of the company’s stock after acquiring an additional 62,400 shares during the quarter. PFG Investments LLC owned approximately 2.97% of New Concept Energy worth $244,000 at the end of the most recent reporting period.

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.