CONSOL Energy (CEIX) Returned 61% Despite 25% Fall in Estimates

Greenlight Capital, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. In 2023, the Greenlight Capital funds returned 22.1% net of fees and expenses, compared to 26.3% for the S&P 500 index. The Partnerships have returned 2,902.1% cumulatively or 13.1% annualized since Greenlight Capital’s inception in May 1996, both net of fees and expenditures. The index has returned 1,117.1% or 9.5% annualized, over the same period. 2023 was a great year for the Partnerships. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Greenlight Capital featured stocks such as CONSOL Energy Inc. (NYSE:CEIX) in the fourth quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, CONSOL Energy Inc. (NYSE:CEIX) engages in the production of bituminous coal.  On January 23, 2024, CONSOL Energy Inc. (NYSE:CEIX) stock closed at $96.98 per share. One-month return of CONSOL Energy Inc. (NYSE:CEIX) was -6.00%, and its shares gained 63.85% of their value over the last 52 weeks. CONSOL Energy Inc. (NYSE:CEIX) has a market capitalization of $3.007 billion.

Greenlight Capital stated the following regarding CONSOL Energy Inc. (NYSE:CEIX) in its fourth quarter 2023 investor letter:

“CONSOL Energy Inc. (NYSE:CEIX) was our second largest positive contributor, with a total return of 61%. The shares began the year trading at only 2.4x 2023 EPS estimates, and even though estimates fell more than 25% over the course of the year, the investment worked out well. Midway through the year, the company switched its capital allocation policy to emphasize stock repurchases and the shares took off. CEIX ends the year at a “nosebleed” P/E of 5.1x 2023 estimates and 5.8x 2024 estimates.”

Aerial view of an opencast coal mine, its vastness conveying the magnitude of its operations.

CONSOL Energy Inc. (NYSE:CEIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held CONSOL Energy Inc. (NYSE:CEIX) at the end of third quarter which was 28 in the previous quarter.

We discussed CONSOL Energy Inc. (NYSE:CEIX) in another article and shared the list of most profitable value stocks. In addition, please check out our hedge fund investor letters Q4 2023 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.