After the fall from the high level in the stock market, there has been some upward trend in the last two trading sessions. Investors are also eyeing some large-cap PSU stocks.
A top market expert has started to buy coverage for the shares held by Oil and Natural Gas Corporation Limited(NSE: ONGC).
The expert has recommended buying shares of ONGC.
The total market cap of this large-cap PSU stock is Rs 3,77,156.77 crore.
According to an expert, the shares of this government-owned company included in Nifty 50 may see an increase in the coming time.
Currently, ONGC share is in a phase of retracement after a rally and this stock has been falling for eight consecutive trading sessions.
ONGC share was trading at Rs 285.60 level with a decline of 3.38 percent on Wednesday.
The stock has been falling from the level of Rs 335 for the last eight days and has fallen by about 12 percent.
Earlier, ONGC share had increased after falling for eight consecutive days last month.
Last month, between August 14 and August 23, ONGC shares fell from the level of Rs 346.80 to the level of Rs 317.50.
After this, the stock recovered and the share price went from Rs 317.50 to Rs 335.
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Target Price Of ONGC Share
A research analyst has urged investors to “buy” ONGC share. He has said that the short-term target price of the stock is Rs 320 per share.
He also told the stop loss for the stock to be Rs 290. This is a trade with a 1:2 risk-reward ratio.
ONGC Limited’s share has yielded positive returns in the range of 14.80 percent and 7.52 percent over the past three and six months, respectively.
On a year-to-date basis, the share of the government company rose by 45.65 percent.
In the past year, two years, 5 years, and 3 years, stocks in the PSU company have increased by 62.12 percent, 123.18 percent, 144.84 percent, and 130.85 percent, respectively.
High Dividend Yield Stocks
This year ONGC Limited had given a dividend of Rs 4 in February and Rs 2.50 in August.
Last year, the government company announced a dividend of Rs 4 in February, Rs 0.50 in August, and Rs 5.75 in November.
The dividend payout from ONGC at the present cost is 4.10 percent.
Quick Fact
| Company name | ONGC |
|---|---|
| Market Cap | ₹3,77,156.77 crore |
| Recent Share Price | ₹285.60 |
| Short-Term Possible Target Price | ₹320 |
| Stop Loss | ₹290 |
| 3-Month Return | 14.80% |
| 6-Month Return | 7.52% |
| Year-to-Date Return | 45.65% |
| 1-Year Return | 62.12% |
| 2-Year Return | 123.18% |
| 3-Year Return | 130.85% |
| 5-Year Return | 144.84% |
| Recent Dividend (August) | ₹2.50 |
| Previous Dividend (February) | ₹4 |
| Last Year Dividend (November) | ₹5.75 |
| Dividend Yield | 4.10 percent |
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