Whitehaven Coal Ltd (ASX: WHC) shares have been resilient in what has been a down year for ASX energy shares.
The S&P/ASX 200 Energy Index (ASX: XEJ) is down roughly 3% year to date.
Meanwhile, Whitehaven Coal shares have risen almost 11%.
Broker Macquarie has issued an updated analysis on the Australia-based coal miner.
Here's how it views Whitehaven Coal shares.
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Resilient production
Macquarie said the 1QFY26 results were resilient considering the wet weather across both NSW and QLD.
The broker also noted ROM coal production was in-line, which given the wet weather production (ROM was down 15% QoQ and 7% YoY) was a good result considering guidance has been maintained.
Whitehaven has produced 23% of its ROM guidance midpoint and 25% of its managed coal guidance midpoint and will need a typical 2QFY26 and 4QFY26 to offset QLD's typical wet March Quarter.
Despite the positive sentiment around the company's resilient production, the broker also noted realised prices of A$200/t were 10% below VA consensus and 6% lower than Macquarie's forecasts.
The 1QFY26 result was resilient considering the wet-weather impact with a small miss in production (-3%) offset by a small beat in sales (+3%). Price realisations missed by 5%. Despite low pricing, we see spot upside on higher thermal prices versus MQe.
Trimmed target for Whitehaven Coal shares
Included in today's report was a revised price target. The broker trimmed its target price by 3% to $7, to go along with a neutral rating.
At the time of writing, Whitehaven Coal shares are trading for approximately $6.90.
Based on this target, it appears the broker sees these energy shares as trading close to fair value.
Elsewhere, other valuations from experts indicate a similar sentiment.
Bell Potter released a report yesterday (Sunday), also with an adjusted price target of $7. It also had a hold recommendation.
Online brokerage platform lists the company as trading close to fair value (5% under).
TradingView has a 12-month target price of $7.25.
