Prabhudas Lilladher is bullish on Oil and Natural Gas Corporation has recommended buy rating on the stock with a target price of Rs 96 in its research report dated September 02, 2020.
Prabhudas Lilladher's research report on Oil and Natural Gas Corporation
We maintain our estimates for FY21/22E. Global crude oil and gas prices to likely remain weak given weak global macros and rising supplies. ONGC stock has underperformed the broader index due to concerns on divestment of Government of India share and inefficient capital allocation policies.
Outlook
However, ONGC’s gas volume growth will likely improve from new supplies. Reiterate BUY with a Price target of Rs96 based on 5x FY22E PER.
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