Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

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’.

Greenlight Capital

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.

Follow Cnx Resources Corp (NYSE:CNX)
Trade (NYSE:CNX) Now!

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Greenlight Capital, Inc 0 10,078,725 0 10,078,725 10,078,725 4.4%
DME Advisors 0 2,346,300 0 2,346,300 2,346,300 1.0%
DME Capital Management 0 5,550,549 0 5,550,549 5,550,549 2.4%
DME Advisors GP 0 7,896,849 0 7,896,849 7,896,849 3.4%
David Einhorn 0 18,072,974 0 18,072,974 18,072,974 7.9%

David Einhorn
David Einhorn
Greenlight Capital

Page 1 of 7 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
CONSOL Energy Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
(CUSIP Number)
August 5, 2016
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 [x]           Rule 13d-1(b)
 [  ]           Rule 13d-1(c)
 [  ]           Rule 13d-1(d)
*           The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.  Beneficial ownership information contained herein is given as of the date listed above.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Information reported herein is as of August 5, 2016.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.