Einhorn Changes Mind On Consol Energy

When David Einhorn’s Greenlight Capital initiated a position in Consol Energy last year, many in the financial press instantly branded the trade a bad idea.

Then, when Einhorn updated his thesis on Consol back in November, he drew, even more, criticism as the stock was down by around 70% from Greenlight’s initial entry price.

David Einhorn, Greenlight Capital at Sohn 2016 [LIVE]

Einhorn blamed this decline on the fact that investors continued to associate with Consol as a coal producer without taking into consideration the group’s high-quality gas portfolio -- a 446,000-net-acre position in the Marcellus shale, and another 109,000 net acres in the Utica shale. Einhorn believed that as Consol implements its plan of allocating future capital towards these high-quality...