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’.
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.
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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% |
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Page 1 of 7 – SEC Filing
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
SCHEDULE 13G
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)
| 206812109 |
(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.
Page 2 of 7 – SEC Filing
| 1 | Names of Reporting Persons. DME Advisors, LP |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 2,346,300 shares | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 2,346,300 shares |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 2,346,300 shares |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11 | Percent of Class Represented by Amount in Row (9) 1.0% |
| 12 | Type of Reporting Person (See Instructions) IA |
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Page 3 of 7 – SEC Filing
| 1 | Names of Reporting Persons. DME Capital Management, LP |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 5,550,549 shares | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 5,550,549 shares |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 5,550,549 shares |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11 | Percent of Class Represented by Amount in Row (9) 2.4% |
| 12 | Type of Reporting Person (See Instructions) IA |
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Page 4 of 7 – SEC Filing
| 1 | Names of Reporting Persons. DME Advisors GP, LLC |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Delaware |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 7,896,849 shares | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 7,896,849 shares |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 7,896,849 shares |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11 | Percent of Class Represented by Amount in Row (9) 3.4% |
| 12 | Type of Reporting Person (See Instructions) HC |
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Page 5 of 7 – SEC Filing
| 1 | Names of Reporting Persons. David Einhorn |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. U.S. Citizen |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 18,072,974 shares | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 18,072,974 shares |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 18,072,974 shares |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11 | Percent of Class Represented by Amount in Row (9) 7.9% |
| 12 | Type of Reporting Person (See Instructions) HC |
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Page 6 of 7 – SEC Filing
AMENDMENT NO. 2 TO SCHEDULE 13G
This Amendment No. 2 (the “Amendment”) to Schedule 13G relating to Common Stock, par value $0.01 per share (“Common Stock”), of CONSOL Energy Inc., a Delaware corporation (the “Issuer”), is being filed with the Securities and Exchange Commission (the “SEC”) as an amendment to the Schedule 13G filed with the SEC on February 13, 2015, as amended on July 22, 2015. This Amendment is being filed on behalf of Greenlight Capital, Inc., a Delaware corporation (“Greenlight Inc.”), DME Advisors, LP, a Delaware limited partnership (“DME Advisors”), DME Capital Management, LP, a Delaware limited partnership (“DME CM”), and DME Advisors GP, LLC, a Delaware limited liability company (“DME GP” and together with Greenlight Inc., DME Advisors and DME CM, “Greenlight”), and Mr. David Einhorn, the principal of Greenlight (collectively with Greenlight, the “Reporting Persons”).
This Amendment relates to shares of Common Stock of the Issuer held by Greenlight for the account of private investment funds and other accounts for which Greenlight acts as investment manager (or general partner of the investment manager) and with respect to which Mr. Einhorn may be deemed to have indirect investment and/or voting power as the principal of Greenlight and other affiliated entities. DME GP is the general partner of DME Advisors and of DME CM.
The filing of this Amendment shall not be construed as an admission that any of the Reporting Persons is for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, the beneficial owner of any of the Common Shares reported herein. Pursuant to Rule 13d-4, each of the Reporting Persons disclaims all such beneficial ownership except to the extent of its pecuniary interest in any Common Shares, if applicable.
This Amendment is being filed to amend and restate Item 4 as follows:
| Item 4. | Ownership |
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
| (a) | Amount Beneficially Owned |
| Greenlight Inc. may be deemed the beneficial owner of 10,078,725 shares of Common Stock. DME Advisors may be deemed the beneficial owner of 2,346,300 shares of Common Stock. DME CM may be deemed the beneficial owner of 5,550,549 shares of Common Stock. DME GP may be deemed the beneficial owner of 7,896,849 shares of Common Stock. David Einhorn may be deemed the beneficial owner of 18,072,974 shares of Common Stock. | |
| (b) | Percent of Class |
| The information set forth in Rows 5 through 11 of the cover page for each Reporting Person is hereby incorporated by reference into this Item 4(b) for each such Reporting Person. The percentages reported herein have been determined by dividing the number of shares of Common Stock beneficially owned by each of the Reporting Persons by 229,435,607, the number of Common Shares outstanding as of July 15, 2016, as reported in the Quarterly Report on Form 10-Q filed by the Issuer on July 29, 2016 with the SEC. |
| (c) | Number of shares as to which such person has voting and dispositive power: The information set forth in Rows 5 through 11 of the cover page for each Reporting Person is hereby incorporated by reference into this Item 4(c) for each such Reporting Person. | |
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Page 7 of 7 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: August 15, 2016
| GREENLIGHT CAPITAL, INC. | |
| By: /s/ DANIEL ROITMAN | |
| Daniel Roitman Chief Operating Officer | |
| DME ADVISORS, LP | |
| By: DME Advisors GP, LLC, | |
| its General Partner | |
| By: /s/ DANIEL ROITMAN | |
| Daniel Roitman Chief Operating Officer | |
| DME CAPITAL MANAGEMENT, LP | |
| By: DME Advisors GP, LLC, | |
| its General Partner | |
| By: /s/ DANIEL ROITMAN | |
| Daniel Roitman Chief Operating Officer | |
| DME ADVISORS GP, LLC | |
| By: /s/ DANIEL ROITMAN | |
| Daniel Roitman Chief Operating Officer | |
| /s/ DANIEL ROITMAN* | |
| Daniel Roitman, on behalf of David Einhorn |
* The Power of Attorney executed by David Einhorn, authorizing the signatory to sign and file this Schedule 13G on David Einhorn’s behalf, filed as Exhibit 99.2 to the Schedule 13G filed with the Securities and Exchange Commission on May 24, 2010 by the Reporting Persons with respect to the common stock of NCR Corporation, is hereby incorporated by reference.
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