The BHP Group Ltd (ASX: BHP) share price has soared 24% year to date but Macquarie analysts are tipping it could even go higher.
BHP shares are currently swapping hands at $51.28, a 1.29% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) has dropped 0.76% so far today.
Let's check the outlook for BHP shares.
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Could this share go even higher?
BHP shares could soar way beyond their current price, according to the team at Macquarie.
Analysts have placed an outperform rating on BHP with a $61 price target. That's 19% more than the current share price.
Macquarie believes elevated iron ore and coal prices will underpin strong earnings, cash flow, and dividends in the coming years.
As my Foolish colleague James reported, analysts predict BHP could deliver bumper profits in the near term due to these high commodity prices. Especially given the quality and low costs of its operations across a range of commodities and geographies.
Further, Macquarie is predicting BHP could deliver generous dividends in the future. Analysts foresee a fully franked dividend of $5.22 per share in FY 2022 and about $3.61 in FY 2023.
However, my Foolish colleague Zach recently reported 52% of analysts are neutral on the BHP share price. Further, 32% of brokers rate it as a buy, while 16% of analysts suggest their clients sell BHP shares.
BHP share price snapshot
The BHP share price has jumped 12% in the past year, while it has climbed almost 3% in the past month.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 8% over the past year.
BHP has a market capitalisation of about $260 billion based on the current share price.
