Renowned activist investor, David Einhorn of Greenlight Capital has increased his holding in CONSOL Energy Inc. (NYSE:CNX) by a massive 43.8%, according to two recent forms filed with the Securities and Exchange Commission. The current stake comprises 29.61 million shares held indirectly through Greenlight’s affiliated funds, and amasses almost 13% of the $4.04 billion energy company’s outstanding stock.
The New York-based Greenlight Capital has more than $12.3 billion worth of regulatory assets under management. The fund is renowned for its short position on Lehman Brothers before the bank collapsed. According to the fund’s most recent 13F filing, the market value of its public equity portfolio stood at $7.79 billion and 43% of that value was invested in the technology sector.
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Greenlight initiated a stake in CONSOL Energy Inc. (NYSE:CNX) in the third quarter of 2014 and has been adding to the position ever since. The Pennsylvania company, which is also one of the largest natural gas producers in the U.S, has suffered recently owing to lower energy prices and is in the midst of a restructuring program, which revolves around decreasing the company’s exposure to coal. In this regard CONSOL Energy Inc. (NYSE:CNX) recently sold a stake in CNX Coal Resources.
