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

StockNews.com started coverage on shares of New Concept Energy (NYSE:GBR) in a research report issued to clients and investors on Thursday. The firm set a “sell” rating on the stock.

New Concept Energy Stock Performance

NYSE GBR opened at $1.14 on Thursday. New Concept Energy has a twelve month low of $0.95 and a twelve month high of $1.82. The stock has a fifty day simple moving average of $1.18 and a 200 day simple moving average of $1.32.

Institutional Trading of New Concept Energy

A hedge fund recently raised its stake in New Concept Energy stock. PFG Investments LLC boosted its position 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 (SEC). The institutional investor owned 152,600 shares of the company’s stock after buying 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.