Rs 2.50/Sh Dividend: Maharatna Oil PSU Slips 8.46% After Trading Ex-Dividend, Buy For TP Rs 305

Oil And Natural Gas Corporation shares today witnessed steep decline of 9.33% in last 30-days. Last trading price of Oil And Natural Gas Corporation Ltd shares on BSE today is Rs 292.10 per share. ONGC shares traded ex-dividend on August 23, 2024 for Rs 2.50 per share. ONGC stock price stood at Rs 319.10 per share on August 23 and today the stock price is Rs 292.10, showing a decline of 8.46%. Brokerage firm Anand Rathi recommended investors to buy ONGC shares with target price of Rs 305 and keep the stop loss at Rs 287 per share. The large cap PSU has a market capitalisation of Rs 3,67,469.96 crore. Check key details below:

Should You Buy ONGC Shares? Anand Rathi said on daily chart of ONGC, a breakout at Rs 292 price level reflected, indicating a potential upward trend. Also, the Relative Strength Index (RSI) is still turning up, showing soaring buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point.

Meanwhile, HSBS has sought to downgrade ONGC shares from hold to reduce call amid worries over declining oil prices. The brokerage firm has assigned a target price of Rs 230 per share. HSBC highlighted several challenges, including falling production volumes, postponement in crucial projects, and rising capital expenditure in green energy ventures. These factors, combined with oil price volatility, have led to a cautious outlook for the company in the near term.

Brokerage firm Jefferies appear bullish on Maharatna public sector undertaking (PSU) Oil And Natural Gas Corporation Ltd shares and recommended investors to buy ONGC shares with fresh target price of Rs 420 per share.

"Jefferies expects KG production to contribute 10% to FY26 estimated consolidated EBITDA. According to Jefferies, management is confident of ramping up production from current levels, achieving 5-6% CAGR over FY25-27, led by KG basin. Also, the PSU is committed to green energy transition as management emphasised on its net zero target of 2038. And, correction gives buying opportunity according to Jefferies analysts who stated that valuation is favorable with ONGC trading at a steeper 65% discount to Nifty compared to its Long-Term average of 50%."

According to A R Ramachandran, Independent SEBI Research Analyst, "ONGC is slightly bullish on the Daily charts with strong support at 28.9 A Daily close above resistance of 301.2 could lead to target of 322 in the near term."

ONGC Dividend History: Oil And Natural Gas Corporation announced 58 dividends since August 29, 2000. In last 1-year, ONGC announced an equity dividend amounting to Rs 12.25 per share. At the current share price of Rs 292.10, Oil And Natural Gas Corporation Ltd shares offer a dividend yield of 4.19%.

ONGC Share Performance: ONGC shares slipped 1.02% in last 1-week, zoomed 42% in 2024, soared 58% in last 1-year, and surged 120% in last 2-year. In last 5-years, ONGC stock rallied 127%. The 52-week high price of Oil And Natural Gas Corporation share on BSE is Rs 344.60 per share (as on 01/08/2024) and 52-week low price is Rs 179.80 per share (as on 26/10/2023), respectively.

ONGC Bonus Share History: ONGC 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 carried out stock split once February 8, 2011. The PSU's 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, Anand Rathi, A R Ramachandran and HSBC. 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.