Up 165% so far in 2022, is the party just kicking off for New Hope shares?

The New Hope Corporation Limited (ASX: NHC) share price is up 6.63% to $6.11 this morning as energy stocks soar.

The S&P/ASX 200 Energy Index (ASX: XEJ) is leading the 11 sectors of the ASX today, up 2.6% at the time of writing.

New Hope shares have shot the lights out this year. In the year to date, they're up a staggering 165%.

And top broker Macquarie thinks there's more green to come.

According to reporting in The Australian, Macquarie has upgraded its outlook for the value of thermal coal. In turn, it has raised its 12-month share price targets on four energy stocks, including New Hope.

What's next for the New Hope share price?

Thermal coal is used to create electricity. Macquarie says developed economies are exhibiting a "willingness to pay a premium to secure energy supply" given current global constraints.

The supply/demand imbalance is largely due to the war in Ukraine.

Macquarie has raised its outlook for the thermal coal price by 38% to 114% over CY23 to CY27.

The broker reckons the thermal coal price will lift by 25% to $US410 per tonne in the second half of CY22.

The forecast for 2023 is a bit lower at $US367.50 per tonne but still sky-high by historical measures.

The price of coal reached US$437.65 overnight. It hit a record of US$460 earlier this month, according to Trading Economics data. The value of the commodity has more than doubled over the past 12 months.

Let's get this party started

As a result, Macquarie has increased its forecast earnings per share (EPS) for New Hope. Its expectations are up 34% for FY23 and 163% for FY24. But wait for the FY25 prediction — up by more than 400%.

So yeah, the party is pretty much just kicking off for New Hope shares.

Macquarie predicts the New Hope share price will gain 17% to reach $7 by this time next year.