The New Hope Corporation Limited (ASX: NHC) share price had a tough run on the market today.
New Hope shares sunk 9% to finish at $5.84. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) closed 1.84% in the red.
Let's take a look at what weighed on this ASX 200 coal share today.
What's going on?
New Hope was not the only ASX 200 coal share to decline today. Whitehaven Coal Ltd (ASX: WHC) shares lost nearly 7%, while Coronado Global Resources Inc (ASX: CRN) shares slipped more than 2%.
A decline in the coal price may have weighed on coal explorers today. The Sydney Morning Herald reported coal prices fell 12.7%, impacting the coal sector.
Asia-Pacific coal, the leading thermal coal index, dropped 10% to its lowest level in 9 months this week, Montel Group reported.
New Hope has not reported any price-sensitive news to the market this year. However, in 2022, New Hope delivered a record return to shareholders on the back of "record coal prices".
The Federal Government's office of the chief economist is predicting the metallurgical coal price to fall from US$404 a tonne in FY22 to US$262 in FY23.
However, thermal coal prices are forecast to grow from US$245 a tonne in FY22 to US$360 a tonne in FY24.
New Hope is predicted to pay the highest dividend yield of any ASX 200 share in FY24. Consensus estimates tip a dividend yield of 19.5%, my Foolish colleague James reported this week.
Morgans is tipping an 80 cent per share dividend yield in 2024, while Citi analysts predict the dividend could be a whopping $1.93 a share.
New Hope share price snapshot
The New Hope Corporation share price has fallen nearly 160% in the last year.
New Hope has a market capitalisation of more than $5 billion based on the current share price.
