One of the hottest types of ASX 200 energy stock right now is ASX coal shares.
They had a ripper of a year in 2022, and although some coal share prices have pulled back in 2023, these companies are still dishing out sky-high dividends as a result of record commodity prices.
And recent ASX records reveal several directors of star ASX coal share New Hope Corporation Limited (ASX: NHC) think there's more share price growth to come.
Why else would they be buying up big?
Let's take a look at which company directors have bought New Hope shares in recent weeks.
Directors buying up big on this ASX 200 energy stock
New Hope chair Robert Millner and his son, Tom Millner, have bolstered their holdings again this month.
The pair both hold an interest in Hexham Holdings Pty Limited, which bought 100,000 New Hope shares on 6 April. The company paid an average price of $5.6529 per share.
The total consideration for the on-market buy was over half a million dollars.
Robert Millner now holds 5,643,215 New Hope shares indirectly and 279,559 shares directly.
Tom Millner now holds 5,553,215 New Hope shares indirectly and 21,153 shares directly.
The purchase follows another that the Millners executed in March worth $1.6 million.
As we reported, another New Hope non-executive director, Jacqueline McGill AO, also purchased a small parcel of the ASX 200 energy stock in March.
What's the latest news with New Hope shares?
The last price-sensitive announcement from New Hope was an update on its buyback on 21 March.
New Hope announced the completion of a liability management exercise, which had put the buyback on hold.
New Hope said it was resuming the buyback, which "remains subject to prevailing share price and market conditions and will be executed at the Company's discretion".
The company said:
The Board and Management consider that the Company's current share price does not accurately reflect the underlying value of the Company's assets and the Share Buy-Back represents an opportunity to enhance the value of the remaining shares on issue, as well as providing an opportunity to improve the liquidity of the stock.
So, you could say these directors are putting their own money where their mouth is.
They're using their own personal funds, or funds they control, to invest further in this ASX 200 energy stock, which they see as undervalued at the current share price.
New Hope share price snapshot
The New Hope share price is trading up 0.1% today at $5.26 per share.
The ASX 200 energy stock started the day in the red, largely because it went ex-dividend today.
As my Fool colleague James reports, New Hope intends to pay an interim dividend of 30 cents per share. That's a 76% increase year over year. It will also pay a special dividend of 10 cents per share.
The New Hope share price is up 51% over the past 12 months.
Morgans has an add rating on New Hope shares with a 12-month price target of $6.35.
