5 Stocks Billionaire David Einhorn Just Bought and Sold

2. CONSOL Energy Inc. (NSYE:CEIX)

Stake Value: $252,216,963

CONSOL Energy Inc. (NSYE:CEIX) has been a rewarding investment for billionaire David Einhorn this year as the stock has gained about 73% year to date through November 18. The hedge fund, however, cut its stake in the high-Btu bituminous thermal and crossover metallurgical coal company by 15% in the third quarter, ending the period with about $252 million stake in CONSOL Energy Inc. (NSYE:CEIX).

As of the end of the second quarter of 2023, 28 hedge funds tracked by Insider Monkey reported owning stakes in CONSOL Energy Inc. (NSYE:CEIX).

Here is what Greenlight Capital has to say about CONSOL Energy Inc. (NYSE:CEIX) in its Q3 2023 investor letter:

“CEIX shares advanced from $67.81 to $104.91 during the quarter, despite no obvious fundamental developments. It was a favorable period for energy stocks (more on that below), and CEIX abandoned its dividend in order to increase its share repurchases. With earnings expected to be over $21 per share in 2023, it is proving to be a challenge for the stock to maintain such a measly P/E multiple in the face of such a large buyback. One can make a great return when a P/E multiple expands from 3x to 5x… might 8x be too much to hope for?”