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Do You Think CONSOL Energy (CEIX) is a Strong Long-Term Bet?

Soumya Eswaran
·2 分鐘文章

Greenlight Capital, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Greenlight Capital funds returned 4.0% net of fees and expenses compared to a 4.9% decline for the S&P 500 index. For the nine months ended September 2022, the fund delivered a 17.7% return net of fees and expenses compared to a 23.9% decline for the S&P 500 index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Greenlight Capital discussed stocks like CONSOL Energy Inc. (NYSE:CEIX) in its Q3 2022 investor letter. Headquartered in Canonsburg, Pennsylvania, CONSOL Energy Inc. (NYSE:CEIX) is a bituminous coal producer and exporter. On October 20, 2022, CONSOL Energy Inc. (NYSE:CEIX) stock closed at $63.84 per share. One-month return of CONSOL Energy Inc. (NYSE:CEIX) was 8.20% and its shares gained 113.16% of their value over the last 52 weeks. CONSOL Energy Inc. (NYSE:CEIX) has a market capitalization of $2.243 billion.

Greenlight Capital made the following comment about CONSOL Energy Inc. (NYSE:CEIX) in its Q3 2022 investor letter:

"CONSOL Energy Inc. (NYSE:CEIX) shares rose from $49.38 to $64.32. As we wrote last quarter, we expect the company to generate approximately $50 per share in after-tax free cash flow by the end of 2023. The company paid its first dividend of $1 per share in August and also announced a policy of distributing at least 35% of its free cash flow to its shareholders. We would emphasize the “at least” part and see room for the percentage to expand as the cash flows materialize. Coal markets have remained quite strong and visibility is improving, such that 2024 looks to us like another strong year."

Photo by Stephen Philpott on Unsplash

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CONSOL Energy Inc. (NYSE:CEIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held CONSOL Energy Inc. (NYSE:CEIX) at the end of the second quarter, which was 22 in the previous quarter.

We discussed CONSOL Energy Inc. (NYSE:CEIX) in another article and shared the list of best multi-bagger stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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