ONGC doubles in a year! Global brokerages see another 50% upside on post Q2 results

Global brokerages remain positive on ONGC post September quarter results and raised the target price after it reported robust earnings for the July-September quarter of the financial year 2021-22 (Q2FY22).

The most aggressive target price of Rs 235 was put out by Morgan Stanley that translates into an upside of over 50 per cent from Rs 154 recorded on 12 November.

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During the second quarter, crude oil price nominated realization stood at $69.36 per barrel from $41.38 per barrel year-on-year, while crude oil price-JV (joint venture) realization came at $71.11 per barrel from $41.78 per barrel YoY, the company said in results statement.

We have collated a list of recommendations from various global brokerage firms according to a Zee Business TV report:

Morgan Stanley: Overweight| Target Rs 235

Morgan Stanley maintained its overweight rating on ONGC post Q2 results with a target price of Rs 235.

HSBC: Buy| Target raised to Rs 215 from Rs 190

HSBC maintained its buy rating on ONGC post September quarter results but raised the target price to Rs 215 from Rs 190 earlier.

JP Morgan: Overweight| Target raised to Rs 212 from Rs 190

JP Morgan maintained its overweight rating on ONGC post September quarter results but raised the target price to Rs 212 from Rs 190 earlier.

Strong Q2, H2 should be even higher as higher gas, and brent prices flow through. The stock remains cheap even after the sharp run-up seen in the price.

The global investment bank increased FY22-23 estimates by 6-12%.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)