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This study aimed to analyze the effect of Reference Coal Price (HBA), earnings per share, and dividends per share on stock prices in coal industry companies in 2017-2022. The study used energy sector companies in the coal production industry sub-sector listed on the IDX for the 2017-2022 period as the object of research, using a sample of 13 coal industry companies that met the predetermined sample criteria and an observation period of 6 years so that the observation data amounted to 50 data. The data collection method uses secondary data taken from the company's financial statements from the Indonesia Stock Exchange (IDX) and the official website of each company sampled. The analysis methods used in this research are descriptive statistical analysis, normality test, multiple linear regression analysis, and hypothesis testing. Based on the results of data analysis and hypothesis testing, it shows that the HBA variable has a negative effect on stock prices, while the EPS and DPS variables have a significant positive effect on stock prices.
Nugraha et al. (Thu,) studied this question.