Shares of Whitehaven Coal (ASX:WHC) see a significant drop of as much as 5.5%, falling to A$6.89.

This is noted as their largest intraday percentage drop since July 27.

Whitehaven Coal (ASX:WHC) is amongst the top ten decliners in the ASX 200 benchmark index.

The company’s shares hit their lowest level since August 9.

Their forecast for 2024 indicates managed run-of-mine coal output ranging between 18.7 million metric tons and 20.7 million metric tons, a rise from the previous year’s output of 18.2 million metric tons.

Nevertheless, the forecast falls short of the Visible Alpha consensus estimate of 21.7 million metric tons, as stated by Barrenjoey.

Barrenjoey remarks that the final dividend of 42 AU cents per share is where the ‘good news stops’ for Whitehaven Coal (ASX:WHC).

Whitehaven Coal (ASX:WHC) also halts share buyback program as it may need to allocate funds for future growth projects.

As of the last close, the company’s shares have fallen by 22.6% this year, in contrast to a 1.6% rise in the ASX 200 benchmark.

Whitehaven Coal (ASX:WHC) is a leading Australian coal mining company with extensive operations in New South Wales’ Gunnedah Basin.