Energy stocks are second on his preferred list, but Mason Hawkins (Trades, Portfolio)’ recent investment activity has made two energy stocks the largest in his portfolio by volume.
Consol Energy (CNX, Financial), a Pennsylvania-based company with interests in coal and natural gas production, has been in Hawkins’ portfolio for years but never at the volume he has reached in the last couple of quarters.
In the final quarter of 2014, Hawkins acquired more than 10.4 million shares, nearly increasing his stake by 50%. In the first quarter of 2015, he purchased an additional 12.1 million shares, making Consol Energy the third-largest stake by volume in his portfolio at 44,949,771 shares.
Hawkins made no transactions in Consol Energy in the second quarter, but then on Monday he bought 3,262,444 shares for an average price of $17.21 per share. That purchase made Consol Energy the second-largest stake in his portfolio, well behind Chesapeake Energy Corp (CHK, Financial), an oil and natural gas company in Oklahoma City and the largest stake in Hawkins’ portfolio, and passing Level 3 Communications Inc (LVLT, Financial), a Colorado-based telecommunications and Internet service provider. The deal had a 0.35% impact on Hawkins’ portfolio.
Consol Energy has a market cap of $4.01 billion and an enterprise value of $7.41 billion. It has a P/E of 32.6, a Price/Book of 0.8 and a Price/Sales of 1.1. David Einhorn (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Ray Dalio (Trades, Portfolio) have shares of Consol Energy in their portfolios.
Consol Energy will release its second-quarter 2015 earnings results before the market opens on Tuesday. Weak commodity prices are expected to take their toll on the company’s earnings.
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