{"id":50660,"date":"2015-11-17T08:07:37","date_gmt":"2015-11-17T13:07:37","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=50660"},"modified":"2015-11-17T08:07:37","modified_gmt":"2015-11-17T13:07:37","slug":"einhorn-still-touting-consol-energy-despite-80-drop-in-past-year","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2015\/einhorn-still-touting-consol-energy-despite-80-drop-in-past-year.html","title":{"rendered":"Einhorn Still Touting Consol Energy, Despite 80% Drop In Past Year"},"content":{"rendered":"<p>New York (HedgeCo.net) \u2013 David Einhorn is standing behind his bullish position on coal and natural gas producer Consol Energy (NYSE: CNX). Einhorn touted the company as his single \u201cbest idea\u201d at the annual Robin Hood Investors Conference in New York on Monday.<\/p>\n<p>Einhorn and his fund Greenlight Capital have been shareholders in Consol for over a year and over the course of the last year, the price of the stock has fallen from over $40 per share to under $7 per share at its low. That is an 82.5% loss in the last 52-weeks. According to a recent report from Business Insider, Greenlight owns 22.8 million shares.<\/p>\n<p>In the same report from Business Insider, they shared a clip from Greenlight\u2019s third-quarter letter to investors that addressed the stake in Consol.<\/p>\n<p>&#8220;The company went through a significant cost-cutting effort and cut its capital spending budget aggressively,&#8221; the letter said. &#8220;In July it reported fantastic drilling results and a significant success at a test well in the Utica Shale. Ordinarily, the market responds favorably to positive drilling news. In the current environment, it has responded more like a child receiving socks as a birthday present, &#8216;Gee, just what I always wanted &#8230; more, cheap natural gas.&#8217;<\/p>\n<p>&#8220;We believe the market has undue concern about the near-term prospects for Appalachian coal and natural gas, leading it to discount the company&#8217;s long-term resource value far beyond anything we anticipated,&#8221; the letter said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.net) \u2013 David Einhorn is standing behind his bullish position on coal and natural gas producer Consol Energy (NYSE: CNX). Einhorn touted the company as his single \u201cbest idea\u201d at the annual Robin Hood Investors Conference in New [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-50660","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/50660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=50660"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/50660\/revisions"}],"predecessor-version":[{"id":50661,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/50660\/revisions\/50661"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=50660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=50660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=50660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}