Brokerages bullish on ONGC post Q3 earnings; see up to 53% upside

In its earnings release, the company cited that the uncertainties and constraints across the global supply chain due to the Russia-Ukraine conflict had adversely affected the production of crude oil and gas.

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Oil & Natural Gas Corporation (ONGC), a state-run oil and gas major, reported a standalone profit of Rs 11,045 crore for the third quarter ended December 2022 (Q3FY23), which represents a growth of 26 percent over the Rs 8,764 crore profit it registered in the year-ago period.

However, the profit was down 14 percent from Rs 12,826 crore in the September quarter. The standalone revenue of the company surged 36 percent to Rs 38,583 crore from Rs 28,473 crore in the year-ago period.

On a sequential basis, the revenue was flat with a marginal gain of one percent from Rs 38,321 crore.

In its earnings release, the company cited that the uncertainties and constraints across the global supply chain due to the Russia-Ukraine conflict had adversely affected the production of crude oil and gas.

Here’s what brokerages say about the stock post its Q3 results:

CLSA | Rating: Buy | Target: Rs 225 | Upside: 53%

– Based on the Q3 results of ONGC Ltd, CLSA has a buy rating on the stock with a target price of Rs 225 per share, representing an upside of 53 percent from the current market price.

– Earnings were a miss on higher exploration costs and operating expenses. ONGC has the highest dividend yield in the Asian large cap space.

Prabhudas Lilladher | Rating: Buy | Target: Rs 190 | Upside: 29%

– The brokerage firm changed its consolidated earnings estimates for FY23, FY24, and FY25 by -31 percent, 8 percent, and 5 percent, respectively.

– The revisions factor in higher FY23 losses of Rs 88 billion, a cut in MRPL’s FY23 estimates by 83 percent towards windfall tax impact, and higher crude oil realizations for FY24/25E to USD 75/75 per barrel.

– The brokerage firm maintains a buy rating with a target of Rs 190 based on 3.5x EV/E FY24E.

– Prabhudas Lilladher expects ONGC’s oil and gas production to increase by 4-5 percent with the KG98/2 field coming on stream.

With agency inputs

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