Einhorn doubles stake in Consol after coal miner slumped 50%
Activist investor David Einhorn has doubled his stake in Consol Energy after the coal miner slumped 50% last year.
Einhorn’s hedge fund Greenlight Capital and other entities connected to him disclosed a 29% stake in Consol, according to a filing Tuesday. That’s up from 11.8%, making them the company’s biggest shareholder.
Einhorn has held a stake in Consol since at least 2014 and has repeatedly touted its long-term value. While US utilities increasingly shun the dirtiest fossil fuel, coal remains the biggest source of electricity worldwide. Consumption is expected to remain strong for decades.