Greenlight Capital, an investment management firm, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Greenlight Capital funds returned 4.9% net of fees and expenses, compared to 10.6% for the S&P 500 index. The year’s first quarter saw a bullish market, with investors focusing on AI, cryptocurrency, and meme stocks. Despite the market’s strong performance, the long and short portfolios didn’t fare as well. The long portfolio only saw a modest increase of 2.2%, net of fees and expenses, while the single-name short portfolio broke even. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Greenlight Capital featured stocks like CONSOL Energy Inc. (NYSE:CEIX) in the first quarter 2024 investor letter. Headquartered in Canonsburg, Pennsylvania, CONSOL Energy Inc. (NYSE:CEIX) engages in the production of bituminous coal. On May 7, 2024, CONSOL Energy Inc. (NYSE:CEIX) stock closed at $86.52 per share. One-month return of CONSOL Energy Inc. (NYSE:CEIX) was 2.94%, and its shares gained 33.29% of their value over the last 52 weeks. CONSOL Energy Inc. (NYSE:CEIX) has a market capitalization of $2.562 billion.
Greenlight Capital stated the following regarding CONSOL Energy Inc. (NYSE:CEIX) in its first quarter 2024 investor letter:
“Our longs had several negative developments. The largest detractor was CONSOL Energy Inc. (NYSE:CEIX), whose shares fell early in the quarter due to moderately lower coal pricing. Later in the quarter, the shares further suffered in response to the collapse of the Francis Scott Key. Bridge in the Baltimore harbor, which, in the near term, will prevent CEIX from exporting coal from its local terminal. We do not believe the collapse has long-term relevance to the investment. CEIX fell from $100.53 to $83.76 during the quarter.”
A large coal mining complex on a sunny day, with heavy machinery moving vast amounts of earth.
CONSOL Energy Inc. (NYSE:CEIX) was the second largest positive contributor of Greenlight Capital in the previous quarter with a total return of 61%. CONSOL Energy Inc. (NYSE:CEIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CONSOL Energy Inc. (NYSE:CEIX) was held by 29 hedge fund portfolios, compared to 25 in the previous quarter, according to our database.
We previously discussed CONSOL Energy Inc. (NYSE:CEIX) in another article, where we shared the list of best coal mining stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
