Government-owned oil and gas explorer, ONGC has a fixed record date to determine shareholders eligible for final dividend 3.25 per share for the financial year FY22. The 65% dividend is subject to the approval of the shareholders of the company at the AGM which is scheduled on 29 August. Once approved at the AGM, the dividend will be paid within a period of 30 days. ONGC is scheduled to announce its financial performance for the quarter ended June 30, 2022 (Q1FY23) next week.
In a regulatory filing, ONGC The Company has fixed 19 August 2022 as the ‘Record Date’ to determine the members eligible to receive the final dividend. 3.25 per share (ie @ 65%) for the financial year 2021-22.”
“The Dividend It has been recommended that, if approved at the AGM, the payment shall be made within the stipulated period of 30 days from the date of declaration,” it added.
The company is scheduled to hold its 29th Annual General Meeting (AGM) on August 29, 2022.
On Thursday, ONGC shares witnessed volatility and ended on a flat note but in the green on BSE. settled on stock 136.20 up 0.41% on the exchange. The market cap of the company is approx. 1,71,343.40 crores.
ONGC has rescheduled its June 2022 quarterly performance announcement to August 12 from the earlier August 10.
For Q1FY23, analyst Dayanand Mittal of JM Financial expects the company’s earnings to rise strongly sequentially on the back of higher crude oil prices and surging domestic gas prices.
On ONGC, Mittal said, “Assuming a) net crude oil realization at $108.4/bbl ($94.8/bbl in 4QFY22), in line with the increase in Brent price; b) domestic gas realization at $6.5/mmbtu. (vs $3.4/mmbtu in 4QFY22) in line with the increase in domestic gas prices; c) 0.7% QoQ of total crude sales volume; and d) 2.7% QoQ of overall gas sales volume.
JM Financial expects sale of ONGC 42,619.5 crores in Q1FY23 grew 85.1% year-on-year and 23.5% qoq. EBITDA is seen on 25,820.4 cr higher than a strong 112.5% yo and 38.9% qoq. While PAT is expected 15,454.9 crores growing at a strong growth of 256.5% yoy and 74.4% qoq.
Analyst has given buy rating to ONGC with target price of The major beneficiaries of rising crude oil prices are 210 shares each in the form of stocks.
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