Stake increases

David Einhorn’s Greenlight Capital’s (GLRE) largest stake increase in percentage terms was in Consol Energy (CEIX), in which GLRE increased its stake by 142.9% in the first quarter. The fund also boosted its stake in CNX Resources (CNX) by 65.9% during the quarter. CNX Resources fell 11% after it reported weaker-than-expected Q1 earnings. Consol Energy is a pure-play coal stock.

Which Positions Did Einhorn Increase and Reduce in Q1?

Stake reductions

GLRE’s biggest stake reduction in percentage terms during Q1 was a 50% reduction in Tempur Sealy International (TPX), followed by a 30% reduction in Voya Financial (VOYA), 24.4% in Ensco (ESV), 23.7% in General Motors (GM), and 4.3% in Exela Technologies (XELA).

Portfolio holdings

Einhorn ventured into Ensco (ESV) in Q4 2017. At the time, he felt that after the oil price collapse of 2014, offshore exploration and development budgets were severely cut. This reduction would leave shale oil supply growth unable to fulfill demand, with the gap being filled by offshore drilling. GLRE has held Voya Financial since 2013.

Tempur Sealy is the world’s largest bedding provider. It develops, manufactures, and markets mattresses, foundations, pillows, and other products. TPX formed 2.7% of Greenlight Capital’s portfolio at the end of Q1.

Einhorn first established a stake in Exela Technologies (XELA) in Q3 2017. At the end of Q1, it formed 1.9% of the portfolio. Exela is a global business process automation company.

Latest articles

Berkshire Hathaway CEO Warren Buffett has spoken openly about his stock repurchasing strategy, calling it "simple arithmetic." How does he do it?

In a research note released yesterday, Apple (AAPL) analyst Ming Chi Kuo noted that more people from the US could choose the iPhone Pro than the iPhone 11.

Two Saudi Aramco crude oil facilities were attacked by Iran-backed Houthi rebels using drones. At 10:23 AM, Brent crude oil was trading up 11.2% at $67.

While tech stocks fell sharply in late 2018, they surged again in 2019. How could the market react if tech stocks post lower-than-expected earnings?

Today at 2:10 PM ET, the S&P 500 Index fell 0.3% as investors watched rising oil prices. The cannabis sector also fell today, as its ETFs traded in the red.

NVIDIA (NVDA) stock had fallen over 1% in today's trading session as of 10:50 AM ET. The stock was also down in premarket trading.