Broking house Citi has maintained ‘sell’ call with a target at Rs 150.
Consolidated revenue for the quarter stood at Rs 1.46 lakh crore, up by 45 percent compared to Rs 1.00 lakh crore reported a year-ago.
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Oil and Natural Gas Corporation (ONGC) share price touched a 52-week high of Rs 176.40, rising nearly 5 percent in the early trade on February 14 after company reported its December quarter earnings.
State-owned oil and gas major ONGC reported on February 11 a consolidated profit after tax (PAT) of Rs 11,637 crore for the third quarter ended December 2021, up 220 percent from the profit of Rs 3,637 crore reported in the corresponding quarter a year ago.
On a sequential basis, the profit was 38 percent lower from a PAT of Rs 18,749 crore in the previous quarter. ONGC had received a deferred and current tax credit of Rs 9,320 crore in the preceding quarter of current fiscal.
Adjusting for the tax credit, the profit for the reported quarter has increased by 23 percent on a sequential basis.
Consolidated revenue for the quarter stood at Rs 1.46 lakh crore, up by 45 percent from Rs 1 lakh crore reported a year ago. Consolidated revenues in the preceding quarter stood at Rs 1.22 lakh crore.
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Here is what brokerages have to say about the stock and the company post December quarter earnings:
JPMorgan
The research house has kept the ‘buy’ rating with a target at Rs 235.
It was a strong operating quarter and should improve, given the crude and gas price trajectory. It offers most attractive risk-reward in India energy space.
The implied crude realisation for the quarter stood at $ 75.70/bbl.
Citi
The broking house has maintained a ‘sell’ call with a target at Rs 150.
It was a miss at the EBITDA level primarily due to higher opex, while recent spike in crude keeps sentiment positive for now.
At 9:17am, Oil and Natural Gas Corporation was quoting at Rs 172.70, up Rs 4.45, or 2.64 percent, on the BSE.
The sentiment could quickly reverse if and when crude prices do come off.
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