CONSOL Energy (CEIX) Rebounded from its Lows
Greenlight Capital, an investment management firm, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Greenlight Capital funds returned 2.8% net of fees and expenses, compared to 4.3% for the S&P 500 index. The longs in the portfolio underperformed the S&P 500 and the shorts outperformed the inverse of the S&P 500. However, the portfolio maintained a neutral net long exposure of about 40%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Greenlight Capital highlighted stocks like CONSOL Energy Inc. (NYSE:CEIX) in the second quarter 2024 investor letter. CONSOL Energy Inc. (NYSE:CEIX) engages in the production of bituminous coal. The one-month return of CONSOL Energy Inc. (NYSE:CEIX) was -2.21%, and its shares gained 12.49% of their value over the last 52 weeks. On August 23, 2024, CONSOL Energy Inc. (NYSE:CEIX) stock closed at $94.87 per share with a market capitalization of $2.824 billion.
Greenlight Capital stated the following regarding CONSOL Energy Inc. (NYSE:CEIX) in its Q2 2024 investor letter:
"In addition to gold, we had four material winners in our long portfolio this quarter. CONSOL Energy Inc. (NYSE:CEIX) recovered from $83.76 to $102.03. In the first quarter, CEIX was hindered by the Baltimore bridge collapse, which blocked the company’s exports for a few months. The harbor has now reopened and the market appears to have largely moved past the issue."
A large coal mining complex on a sunny day, with heavy machinery moving vast amounts of earth.
CONSOL Energy Inc. (NYSE:CEIX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held CONSOL Energy Inc. (NYSE:CEIX) at the end of the second quarter which was 29 in the previous quarter. While we acknowledge the potential of CONSOL Energy Inc. (NYSE:CEIX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed CONSOL Energy Inc. (NYSE:CEIX) and shared Greenlight Capital's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.