BHP Group Ltd (ASX: BHP) shares are climbing higher into the green again in Tuesday morning trade.
At the time of writing, the shares are up around 1% and changing hands for a new all-time high of $67.88 a piece.
Today's increase means the ASX mining giant's shares have now jumped around 13% over the past month alone and up 48% for the year-to-date.
For context, at the time of writing, the S&P/ASX 200 Index (ASX: XJO) is up around 3% over the past month and around 5% higher for the year-to-date.
The latest rally is supported by the miner's record FY26 earnings results, which it posted to the ASX a week ago.
The group posted a strong operational performance across all its key segments and an impressive 27% increase in its underlying EBITDA.
Investors were clearly thrilled with the results and many are rushing to buy the mining shares before they climb even higher.
Image source: Getty Images
So, if I bought $6,000 of BHP shares 12 months ago, what would it be worth today?
BHP shares were trading at $43.14 this time last year, and have climbed around 56% higher to the time of writing.
That means a $6,000 investment in the mining giant 12 months ago would be worth a huge $9.360 today!
Can the miner's shares keep climbing higher?
After a strong rally through 2026 so far, it looks like BHP shares have now reached a ceiling. In fact, some think that the stock is now trading above fair value and could be due a correction.
Market Index data shows that the majority of brokers have a hold rating on the mining shares. But the $61.78 average target price implies a 9% downside ahead.
TradingView data shows something similar. Again the majority (13 out of 23) have a hold rating on BHP shares, but another six have a strong buy rating and four rate the stock as a sell/strong sell.
The average $62.68 target price now implies a potential 8% downside ahead over the next 12 months. But the range between the maximum and the minimum is huge.
Some think the shares have the potential to fall 36% to $43.72, at the time of writing. Meanwhile, more bearish analysts think BHP shares could jump 35% higher to $91.71 within the next 12 months.
John Athanasiou from Red Leaf Securities has a hold rating on BHP shares following the FY26 results announcement last week. He said that the quality of BHP's asset base, balance sheet and diversified portfolio leaves existing shareholders with little reason to sell. But, after a solid run, he said investors may be better off waiting for a more attractive entry point.
Morgan Stanley renewed its buy rating on BHP shares after the miner's FY26 report and increased its 12-month price target to $67.50.
Elsewhere, Morgans has a trim rating and lowered its 12-month price target to $55.30. The broker said the share price already factors in more upside.
