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

Equities researchers at StockNews.com began coverage on shares of New Concept Energy (NYSE:GBR) in a report released on Monday. The firm set a “sell” rating on the stock.

New Concept Energy Trading Down 2.5 %

New Concept Energy stock opened at $1.16 on Monday. New Concept Energy has a 52 week low of $0.91 and a 52 week high of $1.67. The stock has a 50-day simple moving average of $1.06 and a 200 day simple moving average of $1.07.

New Concept Energy (NYSE:GBR) last posted its quarterly earnings results on Monday, April 1st. The company reported ($0.04) EPS for the quarter. New Concept Energy had a negative return on equity of 0.46% and a negative net margin of 13.82%. The business had revenue of $0.04 million for the quarter.

Institutional Investors Weigh In On New Concept Energy

A number of institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of New Concept Energy by 129.4% in the fourth quarter. Millennium Management LLC now owns 24,068 shares of the company’s stock valued at $26,000 after buying an additional 13,576 shares during the period. Renaissance Technologies LLC bought a new stake in shares of New Concept Energy in the second quarter valued at approximately $30,000. Finally, Virtu Financial LLC bought a new stake in shares of New Concept Energy in the first quarter valued at approximately $95,000.

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.