Buy, hold, sell: Rio Tinto, PLS Group, BHP shares

S&P/ASX 200 Index (ASX: XJO) mining and materials shares outperformed last week, rising 2.5% vs. an 0.4% bump for the index.

As earnings season comes to a close today, let’s review new ratings on three popular ASX 200 mining shares.

BHP is a major iron ore producer and also the world’s largest copper producer.

Last week, the BHP share price hit a new record of $68.77 per share.

Morgans has a buy rating on the market’s largest ASX 200 mining share. 

On The Bull this week, analyst Damien Nguyen said: 

BHP offers exposure to a portfolio of high quality mining assets and remains well positioned to benefit from long term demand for copper and other critical minerals.

A strong operating performance, healthy cash generation and a disciplined approach to capital allocation continue to support the investment case.

While iron ore remains important, increasing copper exposure provides leverage to electrification and decarbonisation trends.

BHP appeals for potential capital growth, income and for diversified resources exposure.

The company posted an attributable profit of $US9.8 billion in full year 2026, up 9 per cent on the prior corresponding period.

Revenue of $US58.8 billion was up 15 per cent.

BHP is among 37 ASX shares going ex-dividend this week.

The miner declared a final fully franked dividend of 99 US cents per share for FY26.

BHP shares will trade ex-dividend on Thursday.

Rio Tinto is a diversified miner with significant iron ore, copper, and lithium operations.

Morgans has a hold rating on this ASX 200 mining share.

Nguyen explained:

Rio Tinto continues to generate strong cash flow from its world class iron ore operations, while building exposure to copper and lithium.

The company maintains a robust balance sheet and offers attractive shareholder returns, supported by low cost assets.

However, iron ore remains the primary earnings driver, leaving profits exposed to movements in commodity prices and Chinese demand.

Given this balance of quality and cyclical risk, we see Rio Tinto as fairly valued at recent levels.

PLS Group Ltd (ASX: PLS)

PLS Group is the ASX 200’s most valuable lithium share by market capitalisation.

Morgans has a sell recommendation on PLS Group shares.

Analyst Annabelle Sleeman commented:

PLS delivered an in-line FY26 Underlying EBITDA result and surprised with a maiden 5cps fully franked final dividend (22% FCF payout).

We view PLS as fairly valued at current levels, with its premium to peers already reflecting the company’s best-in-class execution, balance sheet and growth optionality.

Depleted lithium inventories leave scope for short-term upside, though we see the medium-term outlook as more volatile given uncertainty around supply and demand drivers.

PLS Group shares will trade ex-dividend on Wednesday.