The BHP Group Ltd (ASX: BHP) share price rose 2.7% to a new record high of $54.75 during a red day for the market on Monday.
BHP has been publicly listed in Australia for more than 140 years, so today’s record is a bit of a deal for the ‘Big Australian’.
The previous price record for BHP shares was $54.55, set on 30 July 2021.
Back then, the iron ore price was about US$135 per tonne, and BHP was paying out its largest annual dividend ever at $4.85 per share.
Meanwhile, on Monday, the S&P/ASX 200 Index (ASX: XJO) endured a second day in the red.
The ASX 200 closed at 9,026 points, down 0.61%.
The ASX 200 is letting off steam after reaching a new record high of 9,118.3 points last Thursday, as earnings season continues.
Why did BHP shares reach a new record?
There is no official news from BHP today.
BHP shares have been riding high since the miner released its 1H FY26 results.
Shareholders were pleased with the 28% profit increase to US$5.64 billion and a 46% increase in the interim dividend.
BHP will pay a fully-franked dividend of 73 US cents per share on 26 March.
For the first time, copper made up more than half the miner’s earnings before interest, taxes, depreciation, and amortisation (EBITDA).
BHP’s copper operations contributed record underlying EBITDA of US$8 billion, representing 51% of total EBITDA.
On the same day, BHP also announced a US$4.3 billion silver streaming agreement.
BHP is the largest mining share on the market, and its rise contributed to the materials sector outperforming on Monday, up 1.53%.
Today’s BHP share price record was not enough to snatch back the ASX 200’s top spot from Commonwealth Bank of Australia (ASX: CBA).
At the close of trading, CBA had a market capitalisation of just over $300 billion compared to almost $271 billion for BHP shares.
BHP shares briefly took back the title last month.
However, CBA shares surged after a surprise 6% lift in profit to $5.45 billion for 1H FY26, enabling the bank to return to the top spot.
Where to next for the BHP share price?
Some experts think the BHP share price still has room to run.
Bank of America, which is buy-rated on BHP shares, has the most ambitious 12-month price target at $60.
Morgan Stanley, which is also buy-rated, has a price target of $55.50.
RBC Capital, which gives BHP shares a hold rating, has a target of $55.
Some brokers expect BHP shares to decline from here.
The most pessimistic price target published since BHP’s half-year results is $45.80 from Deutsche Bank.
Barclays has a target of $47.71 for BHP shares.
Both banks have a hold rating on the ASX 200 mining share.
The BHP share price closed at $54.02, up 1.29%.
The post BHP share price cracks new all-time high appeared first on The Motley Fool Australia.
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Bank of America is an advertising partner of Motley Fool Money. Motley Fool contributor Bronwyn Allen has positions in BHP Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Barclays Plc. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.