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ONCG Share Price: Shares of Oil and Natural Gas Corporation Limited gained as much as 2 per cent on Wednesday's trading session. As of 1:30 pm, the stock of the Maharatna PSU was trading at Rs 253.95, up by 1.80 per cent from the previous close of Rs 249.45.

Goldman Sachs has maintained a 'sell' rating on ONGC, with the target price raised to Rs 220 from Rs 205.

CLSA has maintained a 'buy' rating on ONGC, with a target price raised to Rs 330 from Rs 320, reflecting a positive outlook on the company's performance.

The brokerage noted that in its QFY26 earnings, ONGC's EBIT and PAT exceeded estimates by 2 to 4 per cent, driven by factors like lower recouped costs, higher other income, and a lower tax rate.

However, these positives were somewhat offset by a large forex loss and a miss in net revenue. Management has guided that gas production from the KG-98/2 block is expected to ramp up starting in Q1 FY27, which is seen as a key growth catalyst.

Additionally, ONGC expects an increase in output from the Daman offshore field in 2026, and a potential upside from its partnership with BP Plc in the Mumbai High field, which should become more visible by early 2027.

Citi has maintained its 'sell' rating on ONGC with the target price raised to Rs 225 from Rs 205.

Nomura has maintained a 'neutral' rating on ONGC but has lowered its target price to Rs 270 from Rs 275, citing a miss in the company's 2Q earnings due to higher operating expenses.

Nomura anticipates that due to growth supported by various crucial actions highlighted by management, the volume of ONGC will grow at a rate of 4 per cent CAGR from FY25 to FY28. Among these actions, there are the oil production goals of 19.8 million tons for FY26 and 21 million tons for FY27, together with gas production targets of 20 bcm in FY26 and 21.5 bcm in FY27.

The brokerage noted that ONGC has a capex plan of Rs 300-350 billion annually and aims to cut operating expenses by around Rs 50 billion through cost optimisation.

The company targets 10GW of renewable energy capacity by 2030 and expects a 60 per cent increase in production from the Mumbai High field under its BP TSP contract, with peak output likely to be achieved by FY28-30.

Additionally, the force majeure on Mozambique operations may be lifted soon, which could lead to a recovery in its projects there.

Furthermore, the share of gas from new wells is expected to reach 30-35 per cent over the next 3-4 years.

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