David Einhorn isn’t giving up on CONSOL Energy (CNX), even after an 80% drop in the stock price. He upped his stake earlier this month and pitched CNX at the Robin Hood Investors Conference, calling it his best idea.
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:
Here’s Einhorn’s full presentation.
