New Concept Energy (NYSE:GBR) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of New Concept Energy (NYSE:GBR) in a research report sent to investors on Tuesday morning. The brokerage issued a sell rating on the stock.

New Concept Energy Price Performance

GBR stock opened at $1.15 on Tuesday. The stock has a market cap of $5.91 million, a price-to-earnings ratio of -38.40 and a beta of 0.29. The company has a 50 day simple moving average of $1.20 and a 200 day simple moving average of $1.34. New Concept Energy has a 1 year low of $0.95 and a 1 year 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 raised its stake in New Concept Energy, Inc. (NYSE:GBR) by 69.2% during 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 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.