The New Hope Corporation Limited (ASX: NHC) share price is up 6.1% to $6.26 as ASX energy shares lead the market again today.
The S&P/ASX 200 Energy Index (ASX: XEJ) is up 2.71% at the time of writing. More specifically, it's ASX coal shares that are having a party.
In addition to New Hope being up, Whitehaven Coal Ltd (ASX: WHC) shares are also rising 4.4% to $9.17. The Yancoal Australia Ltd (ASX: YAL) share price is up 3.6% to $5.78.
What tailwinds are pushing the New Hope share price up?
Well, there's no news out of the company today, and the coal price actually dipped a little overnight.
What's likely happening today is that investors are just feeling really positive about coal and energy stocks in general. The energy index is up 25% in 2022 so far, and New Hope is up a staggering 169%.
On top of that, a note out of Macquarie yesterday predicted stronger thermal coal prices to come.
That's great for New Hope shares because the company is a pure-play thermal coal miner.
The broker says developed economies are showing a "willingness to pay a premium to secure energy supply" given current global challenges.
The broker upped its outlook for the thermal coal price by 38% to 114% over CY23 to CY27.
The coal price 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.
In turn, Macquarie also increased its forecast earnings per share (EPS) for New Hope. Its expectations are up 34% for FY23, 163% for FY24, and more than 400% in FY25.
