Stock analysts have maintained ‘buy’ rating on ONGC stock with an intraday target of Rs 675.

According to them, interested traders can purchase the stock between Rs 658-662 with a strict stop loss of Rs 650. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 685.
 
Shares of the company, on Tuesday (Jan 20), closed at Rs 663 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 252206. Current EPS & P/E ratio stood at 84.77 and 7.93 respectively. The share price has seen a 52-week high of Rs 1208.90 and a low of Rs 538.10 on BSE.

The stock has great potential and it can still exhibit superb surge.

ONGC, on Jan 18, pocketed the contract for oil exploration in Ganga basin region of Bihar.

The ONGC will start its exploration work in next one month time and the process will be completed within 3-4 years

Oil and Natural Gas Corporation, on January 15, said that it has signed up a MoU with Australia’s Arrow Energy for collaboration in exploiting gas lying below the coal seams, called Coal Bed Methane (CBM).

The company, on Jan 14, has formally submitted a request to the administration for surrendering three of its coal-bed methane blocks at Satpura in Madhya Pradesh, Vardha in Maharashtra and Barmer Sanchor in Rajasthan, which it had won under New Exploration Licensing Policy (NELP).

On Jan 13, ONGC said that it will invest $5.3 billion for developing gas found in two of its eastern offshore Krishna Godavari (KG) basin blocks to produce 25 million standard cubic meters a day of gas by the next 4 years.

Moreover, ONGC’s international division ONGC Videsh Limited (OVL), on Jan 12, has paid $2.1 billion for acquiring UK-listed Imperial Energy and will invest another USD 500-600 million in the company’s  Russian fields to lift production by the next 2-3 years.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes Cairn India, GAIL and Reliance Natura.