BHP Group Ltd (ASX: BHP) shares have been having a tough time in recent sessions.
For example, since this time last week, the mining giant's shares have lost 5.5% of their value.
This has been driven by a combination of the release of its quarterly update, falling iron ore prices, and concerns over global economic growth.
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Will BHP shares rebound?
While the recent pullback by BHP shares is disappointing for shareholders, it could have created a buying opportunity for others.
Particularly given that a number of brokers believe the Big Australian's shares could rise beyond the $50 mark again in the coming months.
For example, Morgans has just reiterated its add rating with a $50.40 price target. Based on the current BHP share price of $44.33, this implies potential upside of almost 14% for investors over the next 12 months.
It is a similar story over at Goldman Sachs. While its analysts only have a neutral rating on the mining giant's shares, they have a price target slightly higher than Morgans' at $50.50. This suggests 14% upside for investors from current levels.
A third broker that sees scope for the miner's shares to climb beyond $50.00 is Macquarie. Its analysts responded to BHP's quarterly update by retaining their outperform rating with a $52.00 price target. If BHP shares were to climb to this level, it would mean a sizeable 17% return for investors.
But the returns won't stop there. All three brokers are expecting an attractive fully franked dividend yield in FY 2023. Morgans expects a 6.5% yield, Goldman is forecasting a 7% yield, and Macquarie is anticipating a yield of approximately 7.6%.
This boosts the total return on offer with BHP shares to over 20% in all cases, which could make it well worth considering if you're looking for mining sector exposure.
