The New Hope Corporation Limited (ASX: NHC) share price has returned to form on Tuesday.
In morning trade, the coal minerâs shares are up a sizeable 10% to $5.93.
This compares favourably to the S&P/ASX 200 Index (ASX: XJO), which is up 0.4% this morning.
Why is the New Hope share price rocketing higher?
The New Hope share price is charging higher on Tuesday despite there being no news out of the company.
However, it is worth noting that the energy sector is booming today after some significant weakness recently.
For example, the S&P/ASX 200 Energy index is up 2.3% at the time of writing, with all but one constituent in positive territory.
Coal shares have been the standout. The Coronado Global Resources Inc (ASX: CRN) share price is up 4% and the Whitehaven Coal Ltd (ASX: WHC) share price is up 6% at the time of writing.
Where next for New Hopeâs shares?
Opinion is divided on where the New Hope share price is heading from here.
For instance, the team at Credit Suisse thinks the coal minerâs shares are dirt cheap and have an outperform rating and $7.80 price target on them.
Whereas analysts at Goldman Sachs feel they are overvalued and have put a sell rating and lowly $3.80 price target on them.
Time will tell which broker makes the right call on New Hope.
The post New Hope share price rebounds 10%: Time buy? appeared first on The Motley Fool Australia.
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More reading
- âLargest exposureâ: Why this expert is still bullish on red-hot ASX coal shares
- Goldman Sachs warns that the New Hope share price could crash 40%
- 2 ASX 200 shares rated as buys by leading brokers
- Is the party just getting started for ASX 200 coal shares?
- Brokers name 2 ASX dividend shares to buy
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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