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

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

New Concept Energy Stock Performance

NYSE GBR opened at $1.17 on Friday. The stock has a market capitalization of $5.98 million, a price-to-earnings ratio of -38.87 and a beta of 0.29. New Concept Energy has a 52 week low of $0.96 and a 52 week high of $1.82. The stock’s 50 day moving average price is $1.18 and its two-hundred day moving average price is $1.31.

Institutional Inflows and Outflows

An institutional investor recently raised its position in New Concept Energy stock. PFG Investments LLC raised its position in shares of New Concept Energy, Inc. (NYSE:GBR) by 69.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,600 shares of the company’s stock after acquiring an additional 62,400 shares during the period. PFG Investments LLC owned approximately 2.97% of New Concept Energy worth $244,000 at the end of the most recent quarter.

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.