David Einhorn Stock Portfolio: Top 5 Stock Picks

3. Core Natural Resources, Inc. (NYSE:CNR)

Greenlight Capital’s Stake: $186 Million

Core Natural Resources, Inc. (NYSE:CNR) is a relatively recent addition to the 13F portfolio of Greenlight Capital. The fund first disclosed a stake in the company in the first quarter of 2025. This position comprised 2.2 million shares. The fund did not make any major changes to this holding for the next two quarters. Filings for the fourth quarter of 2025 show that the fund owned 2.1 million shares in the firm, down just a little over 2.5% compared to filings for the third quarter of 2025. The firm produces, sells, and exports metallurgical and thermal coals in the United States and internationally. It operates through the High CV Thermal, Metallurgical, Powder River Basin, and Core Marine Terminal segments.

Hedge funds view Core Natural Resources, Inc. (NYSE:CNR) as the premier North American producer of metallurgical and high-rank thermal coal. The firm was formed in January 2025 through the merger of equals between Arch Resources and CONSOL Energy. In the February 2026 earnings call, CEO Jimmy Brock highlighted a value-driving step-change in operational execution. Institutions are focused on the $600 million upsized credit facility and the 75 bps interest rate reduction achieved through the merger’s refinancing efforts. The resumption of longwall mining at Leer South in early 2026 is also a major catalyst. Funds view the resolution of previous combustion-related activity at the mine as the end of an operational overhang.