Sydney, Feb 19, 2026, 17:02 AEDT — The market has wrapped up for the day.
- BHP picked up another 1.9% by Thursday’s close, with investors sticking around after the miner’s copper-driven half-year report kept it squarely in the spotlight.
- RBC raised its target price to A$55, holding onto its neutral stance as it flagged ongoing capex and a weaker iron ore outlook.
- Next up for traders: copper prices, fresh signals out of China, and BHP’s dividend schedule as they gear up for the next ASX session.
BHP Group (BHP.AX) advanced Thursday, finishing 1.0 Australian dollar higher at A$53.28—a 1.9% gain. The stock extended its rally after posting a better-than-forecast half-year result earlier this week.
BHP’s pivot is drawing attention as copper gets hotter—investors have been chasing miners tied to electrification and data-center energy, even as iron ore drags. The dividend is another focal point; it’s become the key anchor for how traders are setting up for Friday and what comes after.
Brokers are moving in response to updated figures. RBC Capital Markets lifted its target price on BHP’s ASX-listed stock to A$55 from A$51, though the “sector perform” rating stays put. The bank pointed to BHP’s significant capital demands and signaled skepticism that iron ore prices will hold near current spot. London South East
Copper accounted for 51% of BHP’s underlying EBITDA in the half, sending total underlying EBITDA up 25% to $15.5 billion. Underlying attributable profit reached $6.2 billion. The miner bumped up its FY26 group copper forecast to between 1.9 and 2.0 million tonnes. The board set an interim dividend at 73 cents per share, for a 60% payout ratio. Net debt was $14.7 billion as the half closed.
According to Reuters, BHP’s profit topped the Visible Alpha consensus, with copper earnings coming in at $7.95 billion, just edging out iron ore, which posted $7.50 billion for the six months ending Dec. 31. “They smashed everyone’s expectations from a dividend perspective,” said Andy Forster, portfolio manager at Argo Investments, a BHP holder. Reuters
BHP grabbed attention this week after striking a silver streaming agreement with Wheaton Precious Metals—a move aimed at speeding up cash flow from assets outside its main focus. Streaming deals let buyers pay upfront in exchange for a cut of future output at fixed prices. BHP said the plan “maximises shareholder value by unlocking capital.” Over at Wheaton, CEO Randy Smallwood cited a “tightening supply of quality silver production.” Reuters
The spotlight remained on copper. Benchmark prices snapped back by 2.2% Wednesday to $12,893 a metric ton, Reuters reported, as dip buyers stepped in. That came despite a build-up in inventories and weak demand signals in the short-term.
Peers seem to echo the split: copper holding up, iron ore still a question mark. Rio Tinto’s full-year earnings came in flat, with gains in copper prices and production making up for softer iron ore numbers, according to Reuters on Thursday.
Yet this trade can reverse in a hurry. A steeper drop in iron ore prices, mounting costs at major bulk sites, or new snags in China’s approach to procurement—all of it could challenge how much investors will shell out for dividends backed by robust cash flow.
The marker now is BHP’s interim dividend calendar. Shares go ex-dividend March 5 on the ASX and London Stock Exchange, and a day later, March 6, on the NYSE. The record date—also March 6—locks in shareholders for the payout, which hits accounts March 26, according to the company. (Ex-dividend means shares lose eligibility for that particular dividend at the start of trading on that date.)
BHP has its operational review for the nine months to March 31 coming up next, right after the dividend. The release is set for April 22 at 8:30 a.m. in Melbourne, per the company’s financial calendar.
