BHP Group Ltd (ASX: BHP) shares have raced ahead of the benchmark this past year.
Shares in the S&P/ASX 200 Index (ASX: XJO) mining giant were recently trading for $58.57. That sees the share price up an impressive 60.2% over 12 months, compared to the rather tepid 2.8% gains posted by the ASX 200 over this same period.
That strong performance has been supported by surging global copper prices, a resilient iron ore price, and the company's own operational successes on and under the ground.
And we're not even including the two fully franked dividends, totalling (a rounded) $1.96 a share, that BHP paid to eligible stockholders over the past year.
Earlier this week, BHP was trading on a 3.4% fully franked trailing dividend yield.
Which brings us back to our headline question.
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Should I buy BHP shares today?
Fairmont Equities' Michael Gable recently analysed the outlook for BHP's outperforming stock (courtesy of The Bull).
"In our opinion, the commodities bull market is still in the early stages of the latest cycle," Gable said.
"As the biggest miner in the world, BHP attracts investors aiming to increase exposure to the resources sector," he added. "BHP is diverse, so investors gain exposure to a range of commodities, including copper, iron ore, coking coal and potash."
Explaining his current hold recommendation on BHP shares, Gable concluded:
Copper production guidance of between 1.9 million and 2 million tonnes in fiscal year 2026 remains unchanged and is expected to be in the upper half of the range. We continue to see some solid buying on any dips. BHP offers appeal for long term investors.
What's the latest from the ASX 200 mining stock?
BHP reported its March quarterly results on 22 April.
Outgoing CEO Mike Henry (who'll be replaced by Brandon Craig as of today), highlighted the strong full year copper production forecast that Gable mentioned above.
"In March, we submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, which is the centre piece of Escondida's growth program," Henry said.
Located in Chile, BHP's joint venture Escondida project counts as the world's largest copper mine.
Henry added:
Resolution Copper, a joint venture between Rio Tinto (55% and operator) and BHP (45%), completed a land exchange in Arizona, United States. Resolution Copper can now advance further resource data collection and initiate early underground development at one of the largest untapped, high-grade copper resources in the world.
BHP shares closed up 1.2% on the day of the results release.
