David Einhorn: Never Surrender
David Einhorn and Greenlight Capital are not giving up on CONSOL Energy (CNX). Einhorn upped his stake earlier this month and pitched CNX at the Robin Hood Conference, calling it his best idea.
He's owned CNX for well over a year now, which comes as the stock has fallen 80% over the last twelve months.
Einhorn said of CNX in October:
"The company went through a significant cost-cutting effort and cut its capital spending budget aggressively," the letter said. "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, 'Gee, just what I always wanted ... more, cheap natural gas.'
Highlights from Einhorn's CNX presentation: