The BHP Group Ltd (ASX: BHP) share price is having another impressive day on the ASX. At the time of writing, BHP shares are up a robust 1.54% to $49.54. That's about 4% off its all-time high of $51.82 that we saw back in May.
The BHP share price is now up 8.6% since 21 June. That is in addition to being up 15% year to date, and 38.5% over the past 12 months.
So where to now for the BHP share price?
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Could BHP shares be a buy today?
Well, one broker who thinks it could be onwards and upwards from here is investment bank Goldman Sachs. Goldman currently has BHP shares rated as a 'buy'. It has a 12-month share price target of $53.80 for BHP.
That implies potential upside of 8.5% on the current share price. Goldman is expecting high commodity prices (mainly coal, copper and oil) to tip buckets of cash into BHP over the next year.
It's also expecting a 50% increase in earnings and a doubling in free cash flow. That price target doesn't include dividends though. Goldman is anticipating US$2.58 ($3.46) in dividends per share from BHP over FY2022. That would equate to a forward and fully franked dividend yield of 6.97% on current pricing.
Goldman isn't the only one bullish on BHP shares right now. As my Fool colleague James covered yesterday, Macquarie is another broker who rates BHP as a buy today. Macquarie currently has a 12-month share price target of $63 on BHP shares. That would imply an upside of almost 27%. Macquarie is also expecting material increases in the company's dividends going forward.
At the current BHP share price, the company has a market capitalisation of $143.76 billion, a price-to-earnings (P/E) ratio of 27.15 and a trailing dividend yield of 4.16%.
