ONGC Shares: Public sector oil and gas explorer, ONGC has a fixed record date for determining eligible shareholders for a final dividend of Rs 3.25 per share for the financial year FY22. The company is scheduled to hold its 29th annual general meeting (AGM) on August 29, 2022.
The 65 per cent dividend is subject to shareholders’ approval of the company in AGM which is scheduled on August 29. Once approved in the AGM, the dividend will be paid within a period of 30 days. ONGC is scheduled to announce its financial performance for the quarter ending June 30, 2022 (Q1FY23), next week.
In a regulatory filing, ONGC said “the company has fixed 19th August 2022 as the ‘Record Date’ for determining members eligible to receive a final dividend of Rs 3.25 per share (i.e.@ 65 per cent) for the financial year 2021-22.” “The dividend recommended, if approved at the AGM, will be paid within the stipulated period of 30 days of declaration,” it added.
In a note dated July 19, Emkay Global has a buy call on Oil And Natural Gas Corporation with a target price of Rs 185. The current market price of Oil And Natural Gas Corporation is Rs 130.85. The time period given by the analyst is one year when Oil And Natural Gas Corporation Ltd. price can reach the defined target.
For Q1FY23, Dayanand Mittal analyst at JM Financial expects the company’s earnings to rise strongly sequentially on the back of higher crude prices and a hike in domestic gas prices.
On ONGC, Mittal said, “assumed a) net crude realisation at $108.4/bbl (vs $94.8/bbl in 4QFY22) in line with rise in Brent price; b) domestic gas realisations at $6.5/mmbtu (vs $3.4/mmbtu in 4QFY22) in line with domestic gas price hike; c) overall crude sales volume up 0.7 per cent QoQ; and d) overall gas sales volume up 2.7 per cent QoQ.”
JM Financial expects ONGC’s sales at Rs 42,619.5 crore in Q1FY23 up by 85.1 per cent yoy and 23.5 per cent qoq. EBITDA is seen at Rs 25,820.4 crore higher by a robust 112.5 per cent yoy and 38.9 per cent qoq. While PAT is expected at Rs 15,454.9 crore rising strongly by 256.5 per cent yoy and 74.4 per cent qoq.
The analyst has given a buy rating on ONGC with a target price of Rs 210 apiece as the stock is among the key beneficiaries of rising crude prices.
Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 163417.83 Crore) operating in Gas & Petroleum sector.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 1,58,648.42 Crore, up 7.33 per cent from last quarter’s Total Income of Rs 1,47,814.67 Crore and up 34.21 per cent from last year same quarter Total Income of Rs 118206.16 Crore. The company reported a net profit after tax of Rs 12,440.55 Crore in the latest quarter.
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