ONGC leads losers’ league on Nifty; brokerages maintain ‘reduce’ call

The share touched a 52-week high of Rs 168.95 and a 52-week low of Rs 119.80 on 12 May, 2023 and 06 July, 2022, respectively.

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Shares of state-run Oil and Natural Gas Corporation (ONGC) traded down 2 percent intraday on May 31 and remained top losers on the Nifty50 index.

Broking house Nomura has kept ‘reduce’ rating on the stock and set a target price of Rs 130 per share as the weak results, impacted by significant provisions.

The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) was in line with estimates, while volumes remained muted. In FY23, the company experienced a decline of 6 percent in oil sales volumes and a decline of 1 percent in gas sales volumes.

Nomura has raised its consolidated FY24 EBITDA estimates by 7 percent and largely retained its FY25 EBITDA estimates. The research firm build in oil volume growth of 3 percent over FY24-25 and gas volume growth of 6-8 percent.

Elara Capital has marginally raised its target price to Rs 153 (from Rs 144) on revised long-term crude realisation at $64 per barrel (from $60 a barrel) and lower net debt after adjustment for FY23 reported financials.

It maintained the ‘reduce’ rating due to lower possibility of earnings growth on capping of domestic natural gas prices and crude oil realisation.

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The company has reported a 53 percent decline in its consolidated net profit. The net profit for the fourth quarter of FY23 stood at Rs 5,701 crore, compared to Rs 12,061.44 crore in the corresponding period last year.

The company reported a rise in its consolidated total income in Q4FY23 to Rs 166,728.80 crore, against Rs 158,660.49 crore in the year-ago quarter.

On a standalone basis, the company reported a net loss of Rs 248 crore for the fourth quarter ended March 2023 (Q4FY23), compared to the Rs 8,860 crore net profit recorded in the same period of the previous year.

Also Read – Why ONGC’s destiny is not under its control

Foreign research house Morgan Stanley has kept ‘overweight’ rating on the stock and set a target price of Rs 218 per share. The overweight rating suggests that they believe the stock has the potential to outperform in the market.

Morgan Stanley states that a management meeting is expected to increase investor confidence in ONGC’s production growth. The company has shown a step-up in its focus on decarbonising operations with carbon capture and renewable investment, is a surprise.

At 10:57am, Oil and Natural Gas Corporation was quoting at Rs 156.30, down Rs 2.50, or 1.57 percent on the BSE.

The share touched a 52-week high of Rs 168.95 and a 52-week low of Rs 119.80 on 12 May, 2023 and 06 July, 2022, respectively. It is trading 7.49 percent below its 52-week high and 30.47 percent above its 52-week low.