ONGC lacks volume growth and is monetising reserves slowly. The company has limited clarity on decarbonisation plans with higher oil and potentially gas prices which acts as tailwinds, Morgan Stanley said.
Source: Reuters
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Oil and Natural Gas Corporation (ONGC) share price was trading lower by over 2 percent intraday on July 7 after Morgan Stanley retained its underweight stance on the stock.
The global research firm has retained its underweight call but has raised the target to Rs 126 per share. The brokerage firm has raised FY22 and FY23 EPS estimates by 23 percent and 31 percent. ONGC is its least preferred stock, the firm added.
“ONGC lacks volume growth and is monetising reserves slowly. The company has limited clarity on decarbonisation plans with higher oil and potentially gas prices which acts as tailwinds,” the brokerage firm said.
Morgan Stanley prefers GAIL India and refiners to play the upside.
The stock was trading at Rs 118.30, down Rs 3.20, or 2.63 percent at 10:59 hours. It has touched an intraday high of Rs 120.30 and an intraday low of Rs 117.75.
Oil prices have steadied after a steep drop in the previous session, following the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share.
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Goldman Sachs said the failure of the discussions has clouded OPEC’s production policy, although the bank reiterated its expectation that Brent would rise $ 80 per barrel early next year, according to a Reuters report.
ONGC on June 24, reported a standalone profit of Rs 6,734 crore for the quarter ended June 2021, driven by realisations. The PSU oil & gas major posted a loss of Rs 3,214 crore in the year-ago quarter.
The company board recommended a final dividend of Rs 1.85 per equity share of Rs 5 each i.e. 37 percent for the financial year 2020-21.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
