The Santos Ltd (ASX: STO) share price has rewarded investors handsomely so far in 2026.

The energy producer’s shares have climbed around 37% since the beginning of the year and are now trading at approximately $8.41, close to a 52-week high.

After such a strong run, I think it is worth asking whether there is still enough value left for investors buying today.

Earnings could move higher

The first thing I would look at is where Santos’ earnings are expected to go from here.

Santos has substantial exposure to natural gas and liquefied natural gas (LNG), which gives the business opportunities to benefit from continued energy demand across Australia and Asia.

According to consensus estimates, earnings per share are forecast to come in at 60.2 cents in FY26 before increasing to 75.3 cents in FY27 and 77.9 cents in FY28.

Of course, earnings from an energy producer will never be completely predictable. Commodity prices can move quickly, while large projects bring execution and cost risks.

Still, if analysts are close to the mark, the earnings outlook makes today’s share price considerably easier to justify.

What are investors paying?

At $8.41, Santos shares are trading on a P/E ratio of roughly 14 times forecast FY26 earnings.

The valuation drops to around 11 times FY27 earnings and remains close to that level based on the FY28 forecast.

I think that looks quite reasonable.

Santos is a cyclical energy producer, so I would not expect it to command the type of earnings multiple investors might pay for a highly predictable defensive or technology business.

But an earnings multiple of around 11 times does not look demanding if profits rise as currently expected.

Dividends add to the case

There could also be a meaningful income stream for shareholders.

Consensus forecasts point to dividends per share of 41.7 cents in FY26, 49.4 cents in FY27, and 64.4 cents in FY28.

At today’s share price, those estimates imply forward dividend yields of roughly 5%, 5.9%, and 7.7%, respectively.

I would be cautious about assuming the FY28 payment will definitely arrive. Energy earnings can change significantly with commodity prices, and dividends can move with them.

Even so, the forecasts suggest investors may receive a substantial amount of cash while they wait for the longer-term investment case to play out.

What could go wrong?

There is genuine uncertainty to consider.

Oil and LNG prices can weaken, development projects can cost more than expected, and Santos operates in a capital-intensive industry where investment decisions can have consequences for many years.

That means I would want a margin of safety rather than buying the shares purely because forecast earnings are rising.

At around 11 times FY27 earnings, I think there is still one.

Foolish takeaway

The Santos share price has already had an excellent 2026, but I do not think the rally has exhausted the opportunity.

At $8.41, I would describe the shares as good value rather than obviously cheap.

Forecast earnings growth brings the forward valuation down quickly, while the potential dividend income adds another reason to be interested.

For investors comfortable with commodity-price volatility and the risks that come with large energy projects, I think Santos shares are still a buy at current levels.

The post Is the Santos share price still good value after rising 37% in 2026? appeared first on The Motley Fool Australia.

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Motley Fool contributor Grace Alvino 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.

ASX copper shares finally have the copper price support the bulls have promised for years.

Copper set an all-time high in London this week.

The London Metal Exchange three-month price closed at US$14,415.50 a tonne on Monday, a gain of 0.57%.

The metal has advanced roughly 17% over the past year.

Why the copper price matters for ASX copper shares

Copper is unique among commodities because demand is structural in today’s world.

Electricity grids, data centres, and renewable generation all consume enormous volumes of it.

Supply is the harder half, because new mines take a decade to build.

BHP has been transparent about where it sees the opportunity, describing copper as the engine driving the company’s growth.

The company has a project pipeline across Chile, Australia, and Argentina that it believes can lift copper production by around 40% by FY35.

Copper climbed to record levels on Tuesday while most of the market fell.

The important point for investors is that a record price does not lift every producer equally.

Costs, grades, and operational reliability decide who converts the price into cash.

1. Sandfire Resources Ltd (ASX: SFR)

Sandfire Resources is the purest copper exposure on the ASX and the clearest winner of the three.

Shares closed at $22.50 and are up 82.93% over twelve months.

FY26 was a transformational year, capped by record sales and a much stronger balance sheet.

Revenue rose 41% to US$1,654 million and underlying EBITDA rose 64% to US$867 million.

Net profit jumped 282% to US$354 million on production of 154.2 thousand tonnes of copper equivalent.

The company moved into a net cash position and declared a 35 cent fully-franked final dividend, its first since 2022.

FY27 guidance calls for 150 to 166 thousand tonnes of copper equivalent.

Managing director Brendan Harris had this to say:

We have the right team, we have the right strategy, and we’re producing the commodities the world needs to decarbonise.

2. 29Metals Ltd (ASX: 29M)

29Metals is the cautionary tale in this group.

The shares are down 4.65% over twelve months.

The half-year result showed precisely why a high copper price is not enough on its own.

Revenue rose 12% to $304.9 million, yet the company swung to a net loss of $34.8 million from a $35.3 million profit.

EBITDA collapsed from $112.6 million to $30.5 million and no interim dividend was declared.

The problems are linked to operational events.

Seismic events at Xantho Extended forced a temporary exclusion zone and gutted zinc production at Golden Grove.

Capricorn Copper remains suspended while tailings approvals work through the system.

Finally, a $150 million entitlement offer lifted liquidity to $202.1 million, which buys management time rather than solving anything.

3. BHP Group Ltd (ASX: BHP)

BHP is a diversified way to buy into the copper thematic.

FY26 was the year copper overtook iron ore inside the business.

BHP produced roughly two million tonnes of copper for a second consecutive year.

Copper contributed more than half of group underlying EBITDA for the first time, out of a group total near US$33 billion.

Net debt finished below US$9 billion and the final dividend was 99 US cents per share, the largest in four years.

The trade-off is dilution of the theme.

Iron ore still matters enormously to BHP, and it is not at a record price.

Foolish takeaway

The copper price is doing what the long-term bulls said it would.

However, the difference in fortunes between Sandfire and 29Metals this year proves not every miner is a buy.

I would rather pay up for a producer already converting a record price into cash than buy the cheapest option on the market.

ASX copper shares have rarely had a better backdrop, and the risk now sits with the companies rather than the commodity.

The post Copper prices just hit a record high. What does this mean for ASX copper shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Mark Verhoeven 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 recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

If you are on the hunt for big returns for your portfolio, then it could be worth checking out the two S&P/ASX 200 Index (ASX: XJO) shares listed below.

That’s because they have been named as buys and tipped to rise up to 45%. Here’s what is being recommended:

Megaport Ltd (ASX: MP1)

This network services company could be an ASX 200 share with significant upside potential according to Morgans.

It was impressed with its performance in FY 2026 and its guidance for the year ahead. As a result, it recently put a buy rating and $25.00 price target on Megaport’s shares. This implies potential upside of approximately 45% from current levels.

Commenting on its recommendation, the broker said:

MP1’s FY26 underlying EBITDA and FY27 EBITDA guidance were above market expectations. Both Network and Compute delivered record growth. At first glance, simple maths suggests MP1’s funding position looks tight. However, there is nearly $500m of additional funding that got lost in translation. We think MP1 ends FY27 with nearly $600m of surplus liquidity (assuming no new deals get signed).

Deals already contracted deliver $620m of annualised contracted EBITDA which means after EBITDA lifts 3x YoY in FY27, it will more than double into FY28, based on deals already signed. We upgrade to a Buy recommendation and $25 target price.

Monadelphous Group Ltd (ASX: MND)

Morgans also sees potential for this ASX 200 share to deliver market-beating returns over the next 12 months.

In response to its results last month, the broker retained its buy rating and $35.80 price target on Monadelphous shares. Based on its current share price of $29.01, this implies potential upside of 23% for investors. It commented:

FY26 was strong with EBITDA +49% YoY and NPAT +60%. Management seemed comfortable talking up the outlook more generally – across iron ore, energy, gold, rare earths and lithium – however expectations for FY27 were tempered by framing it as a consolidation year. While we acknowledge that the 1H27 comp will be difficult (1H26 revenue +45% YoY), the key lead indicators suggest that strong growth will continue into FY27 and beyond, as the E&C order book has more than doubled YoY to nearly $1.2bn (from $570m at FY25). 

MND’s E&C business has never been better positioned to start the year and can capture more of the value chain during this development cycle (civils, NPI, fabrication), with the mega-projects still to be awarded (Nolans, P2000, Hemi and Mt Holland). We maintain our BUY recommendation. Target price unchanged at $35.80.

The post 2 top ASX 200 shares tipped to return 23% to 45% appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Megaport. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. 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.