The BHP share price has had a stellar start to the year. Is it just the beginning?

What do these two brokers think is next for the Big Australian?

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Key points

  • BHP has been a breakout performer amongst ASX blue chips in recent times
  • The BHP share price has rocketed in 2022 -- up 23.9% 
  • The company has also showered investors with record dividends

Has any S&P/ASX 200 Index (ASX: XJO) blue-chip share been more pleasing to own in recent months and years than BHP Group Ltd (ASX: BHP)? You’d be pressed to argue against that question after looking at the numbers.

Today so far, BHP has gained a healthy 1.41% to $52.51 per share at the time of writing. That puts this mining giant’s share price performance over the past four weeks at 15.74%.

Over 2022 so far, BHP is now up a pleasing 23.9%. That compares very well against the ASX 200 which is still in the red by 0.9%.

Over the past 12 months, the performance has been more muted at a 14.14% gain. But over the past five years, BHP has given its investors a staggering return of 118%.

Add several dividend payments that have broken BHP’s very long list of record payouts and showered investors with cash, and you have an investment that has no doubt made plenty of people feel very grateful.

But is a 23.9% return in 2022 so far as good as it will get for the Big Australian? Or is this just the beginning for BHP shares? Let’s check out what some ASX investing experts reckon.

Is the BHP share price a buy or sell today?

BHP share price: Buy or sell?

One ASX broker who is bullish on BHP today is Morgans. As my Fool colleague reported last week, Morgans currently has an add rating on BHP shares. Although its 12-month target of $51.80 is a little below the company’s current share price, Morgans likes BHP for its “upside sensitivity, balance sheet strength and resilient dividend profile”.

But Morgans isn’t the only broker who likes what it sees at BHP. As we also covered last week, brokers at Macquarie are even more optimistic about BHP shares.

Macquarie has placed an outperform rating on BHP, replete with a 12-month share price target of $61. That would imply a further upside of 16% over the coming year. The broker is anticipating that high iron ore and coal prices will put a high floor under BHP’s earnings, cash flow, and dividends over the next few years.

So, that is how two ASX investing experts are seeing BHP shares right now. No doubt that will come as good news for existing shareholders.

At the current BHP share price, this ASX 200 miner has a market capitalisation of $262 billion with a trailing dividend yield of 9.26%.

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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