BHP Group Ltd (ASX: BHP) shares are trading another 2.5% lower early on Monday morning. At the time of writing, the miner's shares are changing hands for $46.30 a piece.
Today's slump means the share price has now crashed 21.5% so far in March. But BHP shares are still up 1.2% for the year-to-date and are trading 17.8% above trading levels seen this time last year.
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What happened to BHP shares in March?
BHP shares spiked at an all-time high of $59.25 earlier this month on the 2nd of March after the mining giant reported an impressive half-year earnings result. On the bottom line, BHP achieved a 22% increase in underlying NPAT and hiked its fully-franked interim dividend to 73 US cents (AU$1.03) per share, up 30% in Aussie dollar terms and up 46% in US dollar terms.
The company's share price hiked nearly 18% after the announcement but sank just as quickly with several announcements and market updates acting as strong headwinds for the miner's stock.
Soaring geopolitical uncertainty as the US and Israeli war against Iran continues to intensify, has frightened investors and raised concerns about the outlook and expectations for commodities.
Meanwhile, there have been recent reports that BHP's Queensland mines can no longer compete for investment and that the company is receiving no returns from the projects.
BHP's shares also went ex-dividend in the first week of March. When a company's shares trade ex-dividend, it means the rights to the upcoming dividend have been settled. It's common for buying activity to cool around this time.
In mid-March, the BHP announced that its CEO, Mike Henry, is stepping down. Australia's biggest miner reported that Brandon Craig will become its new CEO and director on the 1st of July. News of the reshuffle spooked investors and sent the share price further south.
Is this a signal for investors to sell their BHP shares?
Sentiment might have turned quickly for BHP's this month, but it doesn't mean it's time to flee from the mining giant's shares.
TradingView data shows that the majority of analysts are still neutral on BHP shares. Of 20 analysts, 11 rate the mining giant's stock as a hold, and 7 have a buy or strong buy rating.
Another two have a sell or strong sell rating on BHP shares.
The average target price is currently $52.94 per share, which, after this month's crash, implies a 14% upside at the time of writing.
Although some analysts are bullish that the shares could climb 47% to $68.22 a piece this year. And others think the stock could shed 36% and tumble to $34.11.
