The general evaluation of OIL & NATURAL GAS (IN), a company active in the Exploration & Production industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 7, 2022, the closin...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
ONGC: Further delay in KG-DWN-98/2; expect an upsurge in APM price (ONGC IN, Mkt Cap USD20.5b, CMP INR121, TP INR150, 24% Upside, Buy) ONGC reported in line crude oil sales (-4% YoY), while gas sales continue to be lower than our estimate (-6% YoY). Lower opex led to beat on EBITDA (8% higher than our estimate at INR101b). ONGC almost reached FY20 production levels for crude oil, while the decline in gas production is due to lesser offtake by customers due to the COVID-19 outbreak. This ...
Stick With Reflation & Reopening Theme Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months. · Market Dynamics Remain Positive. Our bullish outlook is supported by much more than simply a lack of support violations on major global indexes -- though this is a maj...
ONGC: Higher DDA, lower other income result in PAT miss (ONGC IN, Mkt Cap USD18.2b, CMP INR103, TP INR150, 45% Upside, Buy) Oil sold was in line with estimate, while gas sold was 4% below our estimate, leading to in-line EBITDA. Higher depreciation, depletion, write-off and lower-than-expected other income resulted in a miss of 20% in PBT. Oil prices remain subdued in the absence of a recovery in oil demand amidst the US-China tariff war and the coronavirus-related demand destruction. H...
ONGC: EBITDA in line with est., Gas production disappointing (ONGC IN, Mkt Cap USD23.7b, CMP INR136, TP INR190, 40% Upside, Buy) 2QFY20 net sales were down 12% YoY to INR245b (in-line), primarily due to lower crude oil realization at USD60.3/bbl (v/s USD73.1/bbl in 2QFY19). EBIDTA was down 16% YoY to INR133b (in-line). During the quarter, other expenditure was at USD6.4/boe (v/s USD7.1/boe in 2QFY19). DD&A was at USD10/bbl in 2QFY20 v/s 7.6/bbl in 2QFY19. Dry well cost was 21% higher Yo...
ONGC: EBITDA in-line; gas production to get a fillip (ONGC IN, Mkt Cap USD22.6b, CMP INR128, TP INR175, 36% Upside, Buy) Net sales declined 2% YoY to INR265.5b in 1QFY20 due to lower crude oil realization of USD66.3/bbl. EBIDTA of INR151.1b (+3% YoY) was in line with our estimate, supported by lower expenditure (USD6.3/boe v/s USD7.8 in 1QFY19). Tax rate came in higher than expected at 34.8%. The company reported its first-quarter earnings based on Ind-AS 116, the impact of which on PBT i...
ONGC: PAT miss led by higher write-offs (ONGC IN, Mkt Cap USD31b, CMP INR172, TP INR197, 15% Upside, Buy) 4QFY19 net sales were ~7% higher than our estimate at INR267.6b (+12% YoY), primarily due to higher oil sales. But, EBIDTA was ~9% lower than our estimate at INR123.7b (+9% YoY) due to higher expenditure. Opex stood at USD8.9/bbl (v/s USD9.8 in 4QFY18 and USD5.7/bbl in 3QFY19). PAT at INR40.4b (-46% est., -32% YoY) was led by higher DD&A at USD13.2/bbl in 4QFY19 (v/s USD10.9/bbl in 4Q...
ONGC: Stable oil prices; Gas production to get a fillip; Attractive valuation with no threat of subsidy burden (ONGC IN, Mkt Cap USD29.1b, CMP INR163, TP INR196, 21% Upside, Buy) Despite threats of production pressure from Venezuela and Iran, global economic slowdown and rising production from the US and OPEC+, oil price outlook appears stable. Stable oil prices and INR depreciation does not pose any subsidy burden threat to upstream companies. Trading at 40% discount to 10-year P/E, w...
ONGC: Takeaways from OPaL’s Dahej Plant Visit (ONGC IN, Mkt Cap USD29.3b, CMP INR160, TP INR196, 22% Upside, Buy) About OPaL Incorporated in 2006, ONGC Petro additions Limited (OPaL) is a joint venture (JV) between ONGC (promoter - 49.36%), GAIL (co-promoter - 49.21%) and GSPC (co-promoter - 1.43%). The company has set up a 1.9mmtpa (1.1mmtpa ethylene, 0.4mmtpa propylene and rest is chemicals) petrochemical complex in Dahej, Gujarat. The complex was commissioned in Mar'17 and built wit...
Q3FY19 result highlights ONGC’s PAT of Rs82.6bn (+65% yoy, flat qoq), beat IDFCe Rs69bn on lower other expenses and higher than expected other income. EBITDA of Rs165.7bn (+33% yoy, IDFCe Rs151.7bn). 9MFY19 adj. PAT was at Rs 236.6bn (+68.6% yoy). Oil production at 6 mt, down 4.8%/flat yoy/qoq (IDFCe 6.1mt). Gas production of 6.7 bcm, was up 7% yoy, 5% qoq (IDFCe 6.4bcm). ONGC remains confident of achieving gas production target while expects to miss their oil production target by 4-5% in FY...
ONGC: Gas production to grow ~5-6%; Oil likely to remain flat (ONGC IN, Mkt Cap USD24.3b, CMP INR135, TP INR182, 35% Upside, Buy) Net operating income increased to INR277b, as against our est. of INR268b (+20% YoY, -1% QoQ). Lower expenditure on account of forex gains resulted in higher EBITDA of INR166b, as against our est. of INR150b (+32% YoY, +5% QoQ). Despite higher-than-expected EBITDA, higher depreciation (including write-offs) dented PAT, which stood at INR82.6b as against our est...
ONGC: EBITDA below estimates; no subsidy burden (ONGC IN, Mkt Cap USD27.2b, CMP INR155, TP INR208, 34% Upside, Buy) ONGC reported net operating income of INR280b (est. 301b, +48% YoY, +17% QoQ), lower than our estimate due to higher-than-expected discount of 2.4% to Brent for oil price realization and lower oil sales. EBITDA came in at INR158b (est. 168b, +51% YoY, +39% QoQ). Depreciation including write-offs stood at INR48.5b (est. 63.6b, flat YoY, -23% QoQ), lower than our estimate due ...
Q1FY19 result highlights ONGC adjusted PAT of Rs65.3bn, +68/10% yoy/qoq (IDFCe Rs65bn). Reported PAT of Rs61.4bn (+58% yoy) includes one off forex impact of Rs6bn which impacted other opex. Adjusted EBITDA of Rs153.3bn (+55% yoy, IDFCe 153.9bn). Oil production at 6.2mt, down 4% yoy, flat qoq (IDFCe 6.3mt). Gas production of 6.2 bcm, up 3% yoy, 2% qoq (IDFCe 6.2bcm). Management remains confident of ending the year with positive growth in oil production, with several new projects starting u...
ONGC: In-line EBITDA, no subsidy burden yet (ONGC IN, Mkt Cap USD31.0b, CMP INR166, TP INR219, 32% Upside, Buy) ONGC’s reported EBITDA of INR147b (+49% YoY, +29% QoQ) was in line with our estimate. DD&A of INR50.3b was below our estimate of INR70b due to lower write-offs. PAT came in at INR61.4b (+58% YoY, +4% QoQ), marginally below our estimate of INR63b due to (a) lower other income of INR6.5b (est. of INR22b; -24% YoY, -83% QoQ), led by lower dividend income and lower cash balance and ...
Q4FY18 result highlights ONGC adjusted PAT of Rs59.1bn, down 15% yoy but up 18% qoq (IDFCe Rs52.4bn), with EBITDA of Rs114bn (-9% qoq, IDFCe Rs125bn). FY18 adj EBITDA/PAT of Rs442.6/199.5bn vs FY17 adj EBITDA/PAT of Rs399/201bn. Oil production at 6.2mt, down 3% yoy, 2% qoq (IDFCe 6.49mt). Gas production of 6.08 bcm, up 3% yoy, down 2% qoq (IDFCe 6.3bcm). Management has attributed the decline to replacement activity at several projects and a shutdown at the main gas processing plant in Q4....
ONGC: EBITDA below estimate; gas production up 2.2% YoY (-3.2% QoQ) (ongc IN, Mkt Cap USD32.9b, CMP INR174, TP INR218, 26% Upside, Buy) ONGC’s reported EBITDA of INR114b (+69% YoY, -9% QoQ) was below our estimate of INR131b, led by marginally lower realization and higher opex. Other expenditure was higher at USD9.8/boe in 4QFY18 v/s USD6.6/boe in 4QFY17 and USD7.0/boe in 3QFY18, led by higher work over costs, water injection costs, transportation costs, and repair & maintenance cost. PAT...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.