New Hope Shares Fall 5.4% as Coal Stocks Slide With Energy Sector, Erasing Part of a Strong 2026 Rally

SYDNEY — Shares of New Hope Corp. fell more than 5% on Tuesday as coal miners joined a broad sell-off in Australian energy stocks following a sharp drop in oil prices.

New Hope stock fell 32 cents, or 5.40%, to close at A$5.61, after trading between A$5.58 and A$5.80. About 3 million shares changed hands. The company's market value fell to about A$4.7 billion.

Energy sell-off

The energy sector was the weakest on the Australian market Tuesday after oil prices plunged overnight on hopes for U.S.-Iran peace talks.

Other coal producers also fell, with Yancoal Australia down 6.43% and Whitehaven Coal down more than 4%. Oil and gas producers Woodside Energy and Santos, and fuel refiners Viva Energy and Ampol, also declined.

The broader S&P/ASX 200 index rose 0.34%.

Strong year

Before Tuesday's drop, New Hope had been one of the strongest-performing energy stocks this year, rising about 41% in 2026, according to Market Index. The stock remains up about 35% over the past year.

About New Hope

New Hope is an Australian thermal coal miner. It owns the New Acland mine in Queensland and an 80% stake in the Bengalla mine in New South Wales. Most of its production is sold to seaborne export markets.

In October, New Hope agreed to buy the rest of the Maxwell coal operation, in which it already held a stake, according to Morningstar. The deal is likely to take effect in early 2027.

Profit fell despite higher output

New Hope reported in September that saleable coal production rose 7.6% to 11.5 million tonnes in fiscal 2026, ended June 30.

But lower coal prices weighed on profit. The company's realized price fell 10% to A$145.20 per tonne, underlying EBITDA fell 33% to A$514 million, and net profit after tax fell 63.4% to A$161 million.

Revenue was little changed at A$1.77 billion.

Analysts' view

Jefferies has maintained a price target of A$6.00 on New Hope shares, above Tuesday's closing price.

What's next

New Hope is scheduled to release its first-quarter fiscal 2027 update in mid-November.

Investors will watch coal prices, demand from Asian buyers and developments in the Middle East, which have driven volatility in energy markets this year.