The BHP Group Ltd (ASX: BHP) share price has taken a tumble on Monday morning.
At the time of writing, the mining giantâs shares are down 4.5% to $36.49.
This leaves the BHP share price trading within touching distance of a 52-week low of $35.56.
Whatâs going on with the BHP share price today?
Investors have been selling down the BHP share price today amid broad market weakness following a selloff on Wall Street.
That selloff saw the Big Australianâs US listed shares also tumble by the same margin on Friday night.
This was driven by concerns that aggressive rate hikes could lead to a global recession. This would have obvious consequences for demand for commodities, which explains why the materials and energy sectors are recording the heaviest declines today.
The S&P/ASX 200 Materials index is down 4.3% in morning trade.
Is this a buying opportunity?
Analysts at Macquarie are likely to see the weakness in the BHP share price as a buying opportunity.
Earlier this month, the broker put an outperform rating and $42.00 price target on the minerâs shares.
This implies potential upside of 15% for investors over the next 12 months. And thatâs not including the generous dividends that Macquarie is expecting.
It is currently forecasting a fully franked 6.8% dividend yield in FY 2023, which stretches the total potential return to almost 22%.
The post BHP share price dips 4% in miserable Monday for ASX 200 miners appeared first on The Motley Fool Australia.
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More reading
- Why BHP might still have a chance at acquiring OZ Minerals shares
- BHP shares: Boring or beautiful?
- 5 things to watch on the ASX 200 on Monday
- 2022 hasnât been kind to BHP shares. Hereâs why I’m holding tight
- How do investors decide which ASX 200 mining shares to buy?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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