The New Hope Corporation Limited (ASX: NHC) share price is pushing higher again on Wednesday.
At the time of writing, the coal miner's shares are up a further 4% to $5.53.
This means this ASX 200 share is now up almost 13% in the space of two days.
Why is this ASX 200 share rising?
Investors have been buying this ASX 200 share since the release of its half-year results on Tuesday.
For the six months ended 31 January, New Hope reported the doubling of its net profit after tax to $668.6 million.
This allowed the coal miner to lift its interim dividend by 76% to 30 cents per share and declare a special 10 cents per share dividend.
Is it too late to invest?
The good news is that analysts at Morgans don't for a second believe it is too late to invest in this ASX 200 share.
This morning, the broker responded to New Hope's half-year result by putting an add rating and $6.35 price target on its shares, which implies potential upside of 15% from current levels.
But it gets better! Another big positive is that the broker believes that New Hope's dividends are only warming up.
It is forecasting a fully franked full-year dividend of $1.00 per share in FY 2023. This equates to a whopping 18% dividend yield at current prices.
And while it then expects a cut to 90 cents in FY 2024, this is still the equivalent of a 16.3% yield. You'll be hard-pressed to find anything better than that from another ASX 200 share.
Morgans commented:
NHC's prior approach to M&A, the DNA of its board and its very high franking balance (~$600m) suggests to us that windfall returns of surplus capital (in time) are on offer for patient/ value investors.
