S&P/ASX 200 Index (ASX: XJO) coal shares put in another strong month in November.
Investors in the big coal stocks shrugged off concerns, at least for now, of a possible government imposed price cap on domestic coal sales to rein in soaring energy prices.
And ASX 200 coal shares Whitehaven Coal Ltd (ASX: WHC), New Hope Corporation Limited (ASX: NHC), and Yancoal Australia Ltd (ASX: YAL) all finished the month well in the black.
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How did the ASX 200 coal shares stack up?
The ASX 200 itself gained 6.1% from the closing bell on 31 October through to yesterday's close.
The New Hope share price slightly trailed the benchmark returns in November, gaining 5.3%.
New Hope shares received a big boost early in the month after the miner announced an on-market share buyback of up to $300 million worth of shares. Commenting on the buyback, New Hope chair, Robert Millner, said, "The company expects its strong cash generation to continue as demand for high energy and lower emission thermal coal outstrips ongoing tight supply."
Whitehaven was the second best performing ASX 200 coal share in November, outpacing the benchmark index to gain 11.2%.
Like its rivals, Whitehaven shares benefited from thermal coal prices remaining near their all-time highs over the month. And the miner also received positive coverage from a number of leading brokers, likely spurring investor interest.
The Whitehaven share price managed a strong performance over the month despite sinking almost 9% on 9 November after the miner downgraded its production guidance due to flooding in New South Wales impacting its operations at the Gunnedah Basin.
Leading the charge higher
The ASX 200 coal share leading the charge in November was Yancoal, gaining 11.8%.
The Yancoal share price spent much of the first weeks of November giving ground, before a sharp turnaround on 22 November. From the closing bell on 21 November through to the closing bell on 30 November, Yancoal shares gained 16.4%.
With no price-sensitive news out from Yancoal, investor interest may have been stoked by its rock bottom price-to-earnings (P/E) ratio of 2.7 times. Or perhaps its stellar trailing dividend yield of 18.7%.
How have the ASX 200 coal shares performed over the past year?
With November's gains in the bag, and factoring in today's intraday moves, here's how the ASX 200 coal shares have performed over the last 12 months:
- The New Hope share price is up 184%
- The Whitehaven share price has gained 309%
- The Yancoal share price is up 122%
