Is CONSOL Energy (CEIX) a Good Investment Pick?

Greenlight Capital, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. The Greenlight Capital funds (the “Partnerships”) returned 8.4% in the second quarter of 2022 and 13.2% for the first half of 2022, compared to a 16.1% decline and a 20.0% decline for the S&P 500 index for the quarter and a half year, respectively. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Greenlight Capital mentioned CONSOL Energy Inc. (NYSE:CEIX) and explained its insights for the company. Founded in 1864, CONSOL Energy Inc. (NYSE:CEIX) is a Canonsburg, Pennsylvania-based energy company with a $2.4 billion market capitalization. CONSOL Energy Inc. (NYSE:CEIX) delivered a 205.37% return since the beginning of the year, while its 12-month returns are up by 209.32%. The stock closed at $69.35 per share on August 12, 2022.

Here is what Greenlight Capital has to say about CONSOL Energy Inc. (NYSE:CEIX) in its Q2 2022 investor letter:

“CONSOL Energy (NYSE:CEIX). The shares ended the quarter at $49.38. Though it trades at a nosebleed 2.6x book value, we expect the company to generate approximately $50 per share in after-tax free cash flow by the end of 2023. Capital returns have not yet begun, but we expect they will shortly.”

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Our calculations show that CONSOL Energy Inc. (NYSE:CEIX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. CONSOL Energy Inc. (NYSE:CEIX) was in 22 hedge fund portfolios at the end of the second quarter of 2022, compared to 15 funds in the previous quarter. CONSOL Energy Inc. (NYSE:CEIX) delivered a 44.03% return in the past 3 months.

In August 2021, we also shared another hedge fund’s views on CONSOL Energy Inc. (NYSE:CEIX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.