3 Bonuses, Rs 10.25 Dividend: Maharatna PSU To Consider Dividend On May 20, Buy?

Board of Directors of Maharatna public sector undertaking (PSU) Oil And Natural Gas Corporation Ltd will hold meeting on May 20, 2024 to consider financial results and final dividend, if any. Current market price of Oil And Natural Gas Corporation Ltd share on BSE is Rs 278.30 per share with intraday gain of 1.76%. ONGC shares gave return of 69% in last 1-year and zoomed 150% in last 3-years. Life Insurance Corporation Of India (LIC) has a high stake of 9.69% in ONGC with 1,219,391,280 shares of the company. Motilal Oswal and global brokerage Jefferies recommended buy call for ONGC shares. More details given below:

Oil and Natural Gas Corporation To Consider Results, Dividend: As per the regulatory filing of ONGC dated May 8, 2024, "a meeting of Board of Directors of the Company is scheduled to be held on Monday, the 20th May, 2024, inter-alia, to consider and approve the following business items:-

1. Audited Financial Results (Standalone and Consolidated) of the Company for the Quarter and Year ended 31st March, 2024; and

2. Recommendation of Final Dividend, if any, for the Financial year ended on 31st March, 2024."

ONGC Share Performance & Return: The 52-week high price of ONGC share is quoted at Rs 292.95 per share (as on 03/05/2024) and 52-week low price is Rs 150.70 per share (as on 31/05/2023), respectively. The PSU has a market capitalisation of Rs 3,50,234.97 crore. ONGC shares declined 1.54% in last 1-week, gave return of 36% year-to-date, soared 42% in last 6-months, gave return of 69% in last 1-year, and surged 67% in last 2-years. In last 3-years, Oil And Natural Gas Corporation shares zoomed 150% and rallied 65% in last 5-years. ONGC has a PE of 11.86 and ROE of 10.53.

Jefferies, Motilal Oswal Recommend Buy: Global brokerage firm Jefferies has recommended buy call to ONGC shares amid attractive valuations with target price of Rs 390 per share. According to the analyst, "The valuation does not capture adequately due to its sharp discount as against the Nifty. In the past, reforms in crude and gas pricing impacted the company's profitability above past decade averages. Going ahead, we believe that a sharp rise or fall in crude prices could be potential risks for ONGC."

Motilal Oswal issued buy call for ONGC share with target price of Rs 315 per share.

ONGC Dividend History: Oil And Natural Gas Corporation Ltd. announced 58 dividends since August 29, 2000. In last 1-year, ONGC announced an equity dividend amounting to Rs 10.25 per share. At the current share price of Rs 279.9000, ONGC offers a dividend yield of 3.66%.

ONGC Bonus Share History: Oil And Natural Gas Corporation offered 3 bonus issues since October 27, 2006. The last Bonus that ONGC offered was in the ratio of 1:2 with ex-date fixed as December 15, 2016.

ONGC Stock Split History: ONGC split the face value of its share once February 8, 2011. ONGC last split the face value of its shares from Rs 10 to Rs 5 in 2011.The share quoted ex-split from February 8, 2011.

About: Maharatna ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL and MRPL (Last two are subsidiaries of ONGC) to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas LPG.

Disclaimer:

The stock has been picked from the brokerage report of Jefferies and Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.