Jefferies foresees 50% upside potential in ONGC, stock up 3%
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Indicating a favorable risk-reward ratio for Oil and Natural Gas Corporation (ONGC), global brokerage firm Jefferies has reiterated its ‘buy’ rating on the stock, setting a target price of Rs 375, an upside potential of 50.5%. Following this update, the shares of ONGC surged 3.2% to an intraday high of Rs 257.15 on the BSE. The global brokerage firm also cited a strong production growth outlook over the next few fiscal years (FY25-28). The brokerage highlights ONGC's recent partnership with BP to revitalize production from its largest field as a key catalyst for growth. Jefferies has also revised its standalone earnings estimates for FY26 and FY27 upwards by 2% and 4%, respectively, reflecting increased confidence in the company's financial performance. The brokerage notes that recent regulatory actions are expected to positively impact ONGC's profitability. The report emphasizes the company's robust production growth outl...