Consol Energy Inc (CNX): Billionaire David Einhorn’s Greenlight Capital Lowers Its Stake

Billionaire David Einhorn‘s Greenlight Capital recently filed a Form 13G with the SEC, in which it reported owning 18.07 million shares of Consol Energy Inc (NYSE:CNX), which amass 7.9% of the company’s outstanding stock. This represents a decrease of nearly 4.00 million shares in its stake, as Greenlight Capital disclosed holding 22.00 million shares of the company in its 13F filing for the end of June, released yesterday.

Consol Energy, as the name suggests, is an energy company that operates in two sectors: coal mining, and oil and gas exploration and production. Earlier this month, Consol Energy decided to pay $3 million to resolve a lawsuit which alleged that its Bailey coal mining complex in Pennsylvania continuously pollutes streams more than is allowed by the law. Since the beginning of the year, the company’s stock has gained a hefty 127.22%. For the second quarter of 2016, Consol Energy disclosed revenue of $285.8 million, a steep decline from the revenue of $545.6 million that it pulled in for the same period a year earlier. Recently, Morgan Stanley reiterated its ‘Hold’ rating on Consol Energy’s stock, and has a price target of $29 on it, while Bank of America upgraded its rating to ‘Neutral’ from ‘Underperform’.

At the end of June, investors in our database that were bullish on Consol Energy Inc (NYSE:CNX), aside from Greenlight Capital, included Mark Coe’s Coe Capital Management, with a position valued at $804.5 million, Mason Hawkins’ Southeastern Asset Management, with a position worth around $797.1 million, Legg Mason Capital Management, John Griffin’s Blue Ridge Capital, and David Iben’s Kopernik Global Investors.

You can access the original SEC filing by clicking here.

Ownership Summary Table

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