Why is Whitehaven share price climbing 5% today?

A female coal miner wearing a white hardhat and orange high-vis vest holds a lump of coal and smiles as the Whitehaven Coal share price rises today

A female coal miner wearing a white hardhat and orange high-vis vest holds a lump of coal and smiles as the Whitehaven Coal share price rises today

The Whitehaven Coal Ltd (ASX: WHC) share price has been among the best performers on the ASX 200 on Tuesday.

In afternoon trade, the coal miner’s shares are up 5% to $6.40.

Why is the Whitehaven share price charging higher?

Investors have been bidding the Whitehaven Coal share price higher despite there being no news out of the miner today.

However, it is worth noting that the energy sector is having a strong day today. This has seen the S&P/ASX 200 Energy index rise 2.2% this afternoon. Concerns over supply appear to be supporting the prices of energy products such as coal and oil.

What else?

Also potentially giving the Whitehaven Coal share price a lift is the countless bullish broker notes that have been released recently.

One of those came out of Citi, which has upgraded the company’s shares to a buy rating with a $7.85 price target. This implies potential upside of over 22% for investors from current levels.

Elsewhere, the team at at Ord Minnett have slapped a buy rating and even greater price target of $8.00 on the company’s shares.

Both brokers were pleased with the Whitehaven Coal’s fourth quarter update and its significant cash flow generation.

The post Why is Whitehaven share price climbing 5% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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