New Hope Corporation Ltd (NHC.AU) saw its stock price surge by 5.09% during Wednesday's trading session, demonstrating a significant bullish movement in the market. This remarkable increase comes on the heels of the company's recently released half-year financial results and positive analyst sentiments.

The coal miner's solid performance in the first half of the fiscal year has impressed analysts, despite the softening of thermal coal prices. Citi maintained a "buy" rating on New Hope, citing the successful ramp-up of the New Acland mine and lower cash costs as key drivers of the company's strong results. Although Citi slightly lowered its target price to A$5.30 from A$5.50, it remains confident in New Hope's prospects.

Further bolstering investor confidence, New Hope announced the implementation of a A$100 million share buyback program and declared a dividend of 19 Australian cents per share. Jefferies analysts praised these moves as a demonstration of the company's financial strength in the face of challenging market conditions. While maintaining a "hold" rating, Jefferies views New Hope as an attractive exposure to the thermal coal market with growth opportunities. The positive outlook from these major brokerages appears to have fueled the stock's significant rise, despite the overall year-to-date decline of 18.8% prior to this rally.