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Hold Oil and Natural Gas Corporation; target of Rs 155: ICICI Direct

ICICI Direct recommended hold rating on Oil and Natural Gas Corporation with a target price of Rs 155 in its research report dated November 16, 2022.

November 30, 2022 / 03:44 PM IST
 
 
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ICICI Direct's research report on Oil and Natural Gas Corporation

Oil & Natural Gas Corporation (ONGC) is primarily engaged in exploration, development and production of crude oil and natural gas. ONGC’s crude oil production has been in the range of 54-65% of total domestic oil production in FY11-22 • ONGC s also a play on the refining sector via its subsidiaries.

Outlook

We retain our HOLD rating on the stock. We value ONGC at Rs 155 i.e. Rs 127 for core oil & gas business and Rs 28 for subsidiaries and other investments.