Greenlight Capital Increases CONSOL Energy Stake ~ market folly

Thursday, July 23, 2015

Greenlight Capital Increases CONSOL Energy Stake

David Einhorn's hedge fund firm Greenlight Capital has filed an amended 13D with the SEC regarding its position in CONSOL Energy (CNX).  Per the filing, Greenlight now owns 12.9% of the company with over 29.6 million shares.

This is up from the 20.5 million shares Greenlight owned at the end of the first quarter. 

An additional Form 4 filed with the SEC by Greenlight indicates that they were buying CNX shares on July 20th, 21st, and 22nd at weighted average prices ranging between $16.3908 to $17.27.

Einhorn isn't the only activist involved in CNX shares, either.  Southeastern Asset Management recently increased its stake to around 21% of the company.  Mason Hawkins' firm would like the company to monetize its E&P portfolio.

In addition to its position in CNX, recently Greenlight also revealed a stake in CNX Coal Resources.

For more from this hedge fund, we recently posted Greenlight's Q2 letter.

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