New Concept Energy (NYSE:GBR) Coverage Initiated at

Analysts at initiated coverage on shares of New Concept Energy (NYSE:GBRGet Free Report) in a note issued to investors on Sunday. The firm set a “sell” rating on the stock.

New Concept Energy Stock Down 3.3 %

NYSE GBR opened at $1.03 on Friday. The stock has a 50-day moving average of $1.02 and a two-hundred day moving average of $1.09. New Concept Energy has a 1-year low of $0.91 and a 1-year high of $1.44.

Hedge Funds Weigh In On New Concept Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in 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 last quarter. Renaissance Technologies LLC purchased a new stake in shares of New Concept Energy during the second quarter worth approximately $30,000. Finally, Virtu Financial LLC purchased a new stake in shares of New Concept Energy during the first quarter worth approximately $95,000.

About New Concept Energy

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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.

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