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

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

New Concept Energy Price Performance

GBR opened at $1.18 on Wednesday. New Concept Energy has a 1-year low of $0.95 and a 1-year high of $1.82. The company has a 50-day moving average of $1.19 and a 200-day moving average of $1.34.

Institutional Investors 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 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 152,600 shares of the company’s stock after purchasing 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.