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ONGC Share Price Target
Oil & Natural Gas Corporation Ltd.
NSE: ONGC | BSE: 500312 | ISIN: INE213A01029 | Sector: Petroleum
ONGC Rating
- ★★
- ★★
- ★★
- ★★
- ★★
4.6/5 (11 Ratings)
ONGC Share Price *
69.7 +3.95 (6.01%)
* (quote may be delayed)
7 ONGC share price target reports by brokerages below. See what is analyst's view on ONGC share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
You can also find ONGC share price target tomorrow or next week from ONGC discussion forum.
ONGC Share Price Forecast - Consensus
| No. of reports in last year | 7 |
| No. of analysts | 4 |
| Average Consensus Forecast | 187.43 |
| Consensus Potential | 63.98% |
ONGC Share Price Target - Broker Reports - 2020
Prabhudas Lilladher
17-Feb-20
Price @ Call: 103.25
Target: 167
BUY
We cut our estimates for FY20-22E by ~ 22% to factor in lower crude oil prices of USD62-65/bbl (USD70/bbl early), lower domestic gas prices and weak profits in MRPL and HPCL given weak refining margins. Global crude oil and gas prices are likely to 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. However, ONGC’s volume growth is likely to improve from new supplies. Reiterate BUY with a Price target of Rs167 (Rs184 earlier).
ONGC Share Price Target - Broker Reports - 2019
Geojit Financial Services
4-Dec-19
Price @ Call: 129
Target: 137
HOLD
Prabhudas Lilladher
15-Nov-19
Price @ Call: 136.65
Target: 230
BUY
We tweak our estimates for FY20/21E and reiterate our positive stance on ONGC as we expect crude oil prices are likely to remain range bound at current levels, which will alleviate the need for subsidies. Also, outlook on production growth has improved. However, ONGC stock has underperformed the broader index due to concerns on divestment of Government of India share and inefficient capital allocation policies. Price target remains unchanged at Rs230.
HDFC Securities
19-Aug-19
Price @ Call: 128.15
Target: 184
BUY
Upstream companies were out of flavor despite realising market price for crude oil, mainly on account of the subsidy sharing with OMCs. We expect oil prices to remain muted owing to the robust supply from US Shale. This is despite production cuts from OPEC and non-OPEC countries. Thus, there is no concern over the subsidy sharing. ONGC will generate OCF yield of almost 28% and divided yield of ~6.3% over FY20/21E. The current valuations are contextually lower at 5.5x FY21 PER (ex-OVL and other investments). Our TP is Rs 184/sh (8x Jun-21E standalone core EPS (adj. for dividend income), + OVL EPS and Rs 32 from other investments).
ICICIdirect.com
4-Jun-19
Price @ Call: 171.23
Target: 180
HOLD
Valuation & Outlook: The movement in oil prices and subsidy sharing will decide ONGC’s performance, going ahead. We assume nil subsidy burden due to decline in oil prices and the new government. We model oil prices of US$65/bbl for FY20E and FY21E, given the current oil market scenario. However, due to lower growth on a sustainable basis, in spite of lower valuation, we have a HOLD rating on the stock at current levels with a target price of | 180/share (core business at | 143/share & investments at | 37share).
HDFC Securities
4-Jun-19
Price @ Call: 172.3
Target: 191
BUY
At attractive valuation. Concerns over lack of crude oil production growth still persist. However, we expect re-rating of ONGC as fears of subsidy burden have allayed. Adjusting for its investments (OVL+ other) the stock is trading at 6.8x FY21E standalone EPS. This indicates strong pessimism and we expect re-rating of upstream companies. Maintain BUY.
Upstream companies were out of flavour despite realizing market price for crude oil, mainly on account of lower provisioning of budgetary support in FY19 (Rs 248bn). The subsidy sharing concern allayed when the Govt. committed to settle Rs 430bn of subsidy from its own pocket. We do not foresee any subsidy sharing burden on upstream companies if crude oil prices remain below USD80/bbl. In the absence of overhang of subsidy sharing, upstream companies should be re-rated. Our TP is Rs 191/sh (8x Mar-21E standalone core EPS (adj. for dividend income), + OVL EPS and Rs 39 from other investments).
Upstream companies were out of flavour despite realizing market price for crude oil, mainly on account of lower provisioning of budgetary support in FY19 (Rs 248bn). The subsidy sharing concern allayed when the Govt. committed to settle Rs 430bn of subsidy from its own pocket. We do not foresee any subsidy sharing burden on upstream companies if crude oil prices remain below USD80/bbl. In the absence of overhang of subsidy sharing, upstream companies should be re-rated. Our TP is Rs 191/sh (8x Mar-21E standalone core EPS (adj. for dividend income), + OVL EPS and Rs 39 from other investments).
Prabhudas Lilladher
31-May-19
Price @ Call: 170.45
Target: 223
BUY
We maintain our estimates for FY20/21E as we maintain net realization at US$60/bbl. We reiterate our positive stance on ONGC as we expect crude oil prices to remain range bound at current levels, which will alleviate the need for subsidies. Also, outlook on production growth has improved. However, ONGC stock has underperformed the broader index due to concerns on divestment of Government of India share and inefficient capital allocation policies. Price target remains unchanged at Rs223.
Motilal Oswal
29-Mar-19
Price @ Call: 157.05
Target: 196
BUY
We marginally revise our estimates to take into account (a) change in the exchange rate assumptions and (b) change in production assumptions. The stock is trading at 5.3x FY21E consolidated EPS of INR29.6. We move our valuation from Dec’20 to FY21. Valuing the company at 8x standalone EPS (excluding other income) and adding the value of investments, we reiterate our Buy rating with a target price of INR196 (earlier: INR182).
Antique Stock Broking
15-Mar-19
Price @ Call: 152.15
Target: 205
BUY
ICICIdirect.com
20-Feb-19
Price @ Call: 142.21
Target: 153
BUY
The movement in oil prices and government’s decision on subsidy sharing will decide ONGC’s performance, going ahead. We have assumed that nil subsidy burden due to decline in oil prices and increased oil subsidy allocation in budget. We model crude oil prices of US$ 65/bbl for rest of FY19E and FY20E, given the current oil market scenario. and have built in net realisations of US$ 64.5/barrel for FY20E. However, given the election year uncertainty, inspite lower valuation, we have a HOLD rating on the stock at the current levels with a target price of Rs 153/share on an EPS of Rs 22 for FY20E.
HDFC Securities
18-Feb-19
Price @ Call: 135.1
Target: 184
BUY
Strong shale oil supplies from USA will provide a cap on crude prices. However, the supply cut by OPEC and non-OPEC countries (excluding USA), will provide strength to crude prices in the near future. Without subsidy sharing with OMCs, the domestic E&P companies remain a play purely on crude oil prices. Our TP is Rs 184/sh (8x Dec-19E standalone + OVL EPS and Rs. 31 from investments). Maintain BUY.
Motilal Oswal
18-Feb-19
Price @ Call: 135.1
Target: 182
BUY
We have revised crude oil production; lower by ~1.2mmt (inc. JVs) for FY20/21E, to factor in expected delays in project executions. Gas production is expected to grow ~5-6% in FY20/21. Our assumption is conservative compared to the guidance of the company. 9MFY19standaloneEBITDA/PATstandsatINR471b/INR227bup+43% YoY/+62% YoY. We estimate FY19 standalone EPS of INR22.9 and conso EPS of INR26.9 down from 29.6 to reflect adjustment in costs as well as production. We also cut FY20 and FY21 conso EPS estimates by ~10% to reflect lower estimate of production. The stock is trading at 4.4x FY20E consolidated EPS of INR30.3. We value the standalone segment at 8.0x Dec’20 EPS (adjusted for other income) of INR19.2 and add value of investments to arrive at a target price of INR182/share. Reiterate Buy.
Prabhudas Lilladher
15-Feb-19
Price @ Call: 132.1
Target: 223
BUY
We increase our FY19 earnings to factor in higher realization in the absence of any subsidy burden, in line with 9MFY19 trend. Nevertheless, for FY20/21E we maintain net realization at US$60/bbl, we also tweak our FY21E gas volume assumptions. We reiterate our positive stance on ONGC, following significant improvement in crude oil price and gas outlook along with better visibility on production growth. However, ONGC stock has underperformed the broader index due to concerns on subsidy payout on the back of higher crude oil prices and divestment in Government of India share. Price target remains unchanged at Rs223.
ONGC Share Price Target - Broker Reports - 2018
Kotak Securities
18-Dec-18
Price @ Call: 148.35
Target: 190
BUY
Motilal Oswal
6-Nov-18
Price @ Call: 156.04
Target: 208
BUY
HDFC Securities
5-Nov-18
Price @ Call: 157.96
Target: 182
BUY
HDFC Securities
3-Aug-18
Price @ Call: 167.84
Target: 275
BUY
ICICIdirect.com
3-Aug-18
Price @ Call: 166
Target: 180
HOLD
Edelweiss
3-Aug-18
Price @ Call: 166
Target: 206
BUY
Motilal Oswal
3-Aug-18
Price @ Call: 166
Target: 219
BUY
Prabhudas Lilladher
3-Aug-18
Price @ Call: 166
Target: 223
BUY
Edelweiss
31-May-18
Price @ Call: 177.81
Target: 235
BUY
Motilal Oswal
31-May-18
Price @ Call: 173.95
Target: 218
BUY
Prabhudas Lilladher
31-May-18
Price @ Call: 173.95
Target: 257
BUY
HDFC Securities
12-Feb-18
Price @ Call: 187.75
Target: 290
BUY
Edelweiss
12-Feb-18
Price @ Call: 187.75
Target: 239
BUY
Motilal Oswal
9-Feb-18
Price @ Call: 187.46
Target: 230
BUY
Sharekhan
17-Jan-18
Price @ Call: 197.1
Target: 221
BUY
ONGC Share Price Target - Broker Reports - 2017
Motilal Oswal
22-Dec-17
Price @ Call: 191.7
Target: 227
BUY
Edelweiss
30-Nov-17
Price @ Call: 180.63
Target: 241
BUY
Axis Direct
6-Nov-17
Price @ Call: 191.35
Target: 215
BUY
Edelweiss
31-Oct-17
Price @ Call: 186.65
Target: 228
BUY
Motilal Oswal
31-Oct-17
Price @ Call: 186.65
Target: 231
BUY
Geojit Financial Services
29-Sep-17
Price @ Call: 172.05
Target: 198
BUY
Choice Equity Broking
18-Sep-17
Price @ Call: 166.9
Target: 192
BUY
Axis Direct
2-Aug-17
Price @ Call: 165.71
Target: 200
BUY
Edelweiss
27-Jul-17
Price @ Call: 163
Target: 201
BUY
Edelweiss
3-Jul-17
Price @ Call: 159
Target: 202
BUY
Motilal Oswal
30-Jun-17
Price @ Call: 158
Target: 195
BUY
Edelweiss
30-May-17
Price @ Call: 179
Target: 212
BUY
ICICIdirect.com
31-May-17
Price @ Call: 179
Target: 195
HOLD
Motilal Oswal
8-May-17
Price @ Call: 183
Target: 233
BUY
Geojit Financial Services
23-Feb-17
Price @ Call: 196
Target: 217
BUY
Axis Direct
7-Feb-17
Price @ Call: 202
Target: 210
HOLD
ICICIdirect.com
3-Feb-17
Price @ Call: 201
Target: 215
HOLD
Edelweiss
31-Jan-17
Price @ Call: 203
Target: 236
BUY
HDFC Securities
1-Feb-17
Price @ Call: 203
Target: 220
BUY
ONGC Share Price Target - Broker Reports - 2016
KRChoksey
30-May-16
Price @ Call: 142.67
Target: 174.67
BUY
IIFL
30-Dec-16
Price @ Call: 191.55
Target: 230
BUY
Kotak Securities
26-Dec-16
Price @ Call: 190.25
Target: 180
SELL
Axis Direct
1-Nov-16
Price @ Call: 190.91
Target: 166.67
SELL
Edelweiss
19-Sep-16
Price @ Call: 166.67
Target: 192
BUY
Motilal Oswal
8-Sep-16
Price @ Call: 163.33
Target: 188
BUY
JM Financial
12-Sep-16
Price @ Call: 167.47
Target: 186.67
BUY
Centrum
9-Sep-16
Price @ Call: 170.27
Target: 190
BUY
Edelweiss
7-Sep-16
Price @ Call: 163.33
Target: 192
BUY
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ONGC Peer Stocks - Share Price Targets
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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