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 Wednesday. The firm issued a sell rating on the stock.

Separately, TheStreet lowered shares of New Concept Energy from a c rating to a d rating in a research report on Tuesday, August 8th.

New Concept Energy Trading Down 0.8 %

GBR opened at $1.10 on Wednesday. New Concept Energy has a 1-year low of $0.91 and a 1-year high of $1.51. The company has a 50 day simple moving average of $1.17 and a two-hundred day simple moving average of $1.12.

New Concept Energy (NYSE:GBR) last posted its quarterly earnings results on Thursday, November 9th. The company reported $0.01 earnings per share for the quarter. The business had revenue of $0.04 million during the quarter. New Concept Energy had a net margin of 16.86% and a return on equity of 0.63%.

Hedge Funds Weigh In On New Concept Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in New Concept Energy during the second quarter valued at $30,000. Millennium Management LLC raised its stake in New Concept Energy by 129.4% during the fourth quarter. Millennium Management LLC now owns 24,068 shares of the company’s stock valued at $26,000 after purchasing an additional 13,576 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in New Concept Energy during the first quarter valued at $95,000.

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.