5 Best Coal Mining Stocks to Buy

4. CONSOL Energy Inc. (NYSE:CEIX)

Number of Hedge Fund Holders: 33     

CONSOL Energy Inc. (NYSE:CEIX) is a Pennsylvania-based energy company founded in 1864. The company primarily produces and exports bituminous coal. The firm owns and runs the Pennsylvania Mining Complex which comprises the Bailey Mine, the Enlow Fork Mine, the Harvey Mine, and the Central Preparation Plant. It has over 657 million tons of proven and probable coal reserves at the complex. Consol Energy posted a 9.4% increase in coal production during the first quarter, focusing on exports due to weakened domestic markets caused by low natural gas prices. 

The Pennsylvania Mining Complex, which ran all five longwalls, produced 7.0 million tons of coal, compared to 6.4 million tons in the previous year. The average cash cost of coal sold at the complex rose to $33.61 per ton, attributed to inflationary pressures on supplies, maintenance costs, and contractor labor.

At the end of the first quarter of 2023, 33 hedge funds in the database of Insider Monkey held stakes worth $284 million in CONSOL Energy Inc. (NYSE: CEIX), compared to 32 in the previous quarter worth $298 million.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Greenlight Capital is a leading shareholder in CONSOL Energy Inc. (NYSE:CEIX) with 2.7 million shares worth more than $158 million.