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

Investment analysts at StockNews.com initiated coverage on shares of New Concept Energy (NYSE:GBR) in a report issued on Wednesday. The brokerage set a “sell” rating on the stock.

New Concept Energy Trading Down 0.6 %

New Concept Energy stock opened at $1.17 on Wednesday. The company has a market capitalization of $6.00 million, a PE ratio of -39.00 and a beta of 0.29. New Concept Energy has a 12 month low of $0.95 and a 12 month high of $1.82. The stock has a 50-day moving average price of $1.19 and a two-hundred day moving average price of $1.34.

Institutional Investors Weigh In On New Concept Energy

An institutional investor recently raised its position in New Concept Energy stock. PFG Investments LLC boosted its stake in New Concept Energy, Inc. (NYSE:GBR) by 69.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 152,600 shares of the company’s stock after buying an additional 62,400 shares during the quarter. PFG Investments LLC owned approximately 2.97% of New Concept Energy worth $244,000 as of its most recent SEC filing.

About New Concept Energy

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.