BHP shares just hit a record high. Can the run continue?

BHP Group Ltd (ASX: BHP) shares are having another big day on Monday.

At the time of writing, the BHP share price is up 3.55% to $67.47 after reaching a new all-time high of $67.72 during midday trade.

The S&P/ASX 200 Resources Index (ASX: XJR) is also having a strong session, up more than 2.2%.

The mining giant has been on a strong run. BHP shares are up almost 10% over the past week, around 48% in 2026, and more than 60% over the past 12 months.

BHP has also comfortably outperformed the S&P/ASX 200 Index (ASX: XJO) over the past year.

So, after hitting another record today, can BHP shares keep climbing?

Copper is doing the heavy lifting

BHP’s FY26 result last week gave investors plenty to like.

Revenue rose 15% to US$58.8 billion, while underlying EBITDA increased 27% to US$32.9 billion. Underlying attributable profit was also up 30% to US$13.2 billion, with net operating cash flow climbing 17% to US$21.8 billion.

Copper was a big part of that result.

It accounted for 54% of BHP’s underlying EBITDA during the year, surpassing iron ore as the company’s largest earnings contributor. Record copper production and higher metal prices helped drive the increase.

BHP also cut unit costs by 6% across its major assets, while net debt ended the year at US$8.7 billion.

Dividend gives shareholders more to celebrate

Shareholders also received a much bigger final dividend.

BHP declared a fully-franked final dividend of US 99 cents per share, up 65% from FY25. That took the full-year dividend to US$1.72 per share, with US$8.7 billion in dividends determined during the year.

At current exchange rates, the final dividend is worth around $1.39 per share. BHP shares are due to trade ex-dividend on 3 September, with the payment following on 23 September.

Looking further ahead, management is targeting annual copper-equivalent production growth of 3% to 4% through FY35.

Can the BHP share price keep rising?

There’s a lot working in BHP’s favour right now, particularly if copper prices remain strong.

The miner is producing record volumes, generating plenty of cash, and building its exposure to copper. Demand for the metal is expected to grow over the coming years as more copper is needed for power grids, renewable energy, electrification, and data centres.

But after such a strong run, the share price is starting to look expensive to some brokers.

Morgans recently downgraded BHP shares to a trim rating with a $55.30 price target. That sits around 18% below where the shares are trading today.

Red Leaf Securities has also placed a hold rating on BHP shares, suggesting investors looking to buy may be better off waiting for a cheaper entry point.

BHP’s earnings are heading in the right direction; however, after rising more than 60% in a year, a lot of good news is already being priced in.