Oil and Natural Gas Corporation (NSE: ONGC) is the nation’s biggest natural gas and crude oil company. 70% of crude oil in India is produced by this company.
It is used throughout the chain of exploration and production for oil and gas and production.
On November 11, the company released the September quarter results.
After the results, the global brokerage firm has given a BUY rating and a big target of 60-65% upside has been given.
Currently, this stock is trading in the range of Rs 257 (ONGC Share Price).
ONGC Share Price Target
ONGC’s stock is in the range of Rs 257. On August 13, the stock made a lifetime high of Rs 345.
After that, it made a low of Rs 282 in September, Rs 255 in October and Rs 256 in November. It has corrected 25% from its high.
Global analyst has maintained a buy recommendation on this Maharatna company’s share and a target of Rs 420.
This target is about 63% higher than the current level.
ONGC Q2 Results
Talking about the Q2 results, the net profit stood at Rs 11984 crore with an annual growth of 17.1%. Revenue declined by 3.6% and stood at Rs 33881 crore.
The board has also announced a dividend of 120 percent i.e. Rs 6 per share on the face value of the rupee.
The company will distribute Rs 7548 crore as dividend. This dividend’s record date was set for the 20th of November.
Quick Fact
| Company name | ONGC |
|---|---|
| Sector | Crude oil & natural gas |
| Country’s production share | 70% |
| Business area | Oil & gas exploration, production |
| Q2 Net profit | ₹11,984 crore |
| Annual growth in profit | 17.1% |
| Q2 Revenue | ₹33,881 crore |
| Revenue change | Decreased by 3.6% |
| Dividend % | 120% |
| Dividend per share | ₹6 |
| Total dividend amount | ₹7,548 crore |
| Record date for dividend | November 20 |
| Possible target price | ₹420 |
| Potential price increase | 63% |
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