High Dividend Yield Oil PSU Stock Declares 70 pc Dividend for Shareholders; Analysts See More Upside

PSU Oil Stock: 70 Dividend Declared! 3.80 pc Dividend Yield; Analysts See More Upside

Indian Oil Dividend Announcement, Indian Oil Share Price News Today BSE NSE, Indian Oil Share Price Target 2024: Indian Oil Corporation Ltd, NSE: IOC, share price traded in green in Thursday’s trading session. IOC stock zoomed 2.22 per cent to trade at Rs 172.60 apiece on the National Stock Exchange (NSE) at about 11.30 AM in the early trade. Indian Oil Corporation reported a halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.

Indian Oil Dividend

India’s highest ranked Energy PSU in Fortune-500 list of 2023 (Rank 94) announced a dividend of 70 per cent for its shareholders. A dividend is always calculated on the face value of a stock and not on the market price of a stock. The face value of each stock of Indian Oil Corporation is Rs 10, which translates to a dividend declaration of Rs 7 per equity share for the year 2023-24.

The company in a regulatory filing, said “the Board has recommended a final dividend of 70% for the year 2023-24 i.e. Rs. 7.00 per equity share of face value of Rs.10/- each on the paid-up share capital, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company.”

Indian Oil Share Price Target 2024

Analysts are bullish on the PSU stock with mostly recommending ‘BUY’ call. The domestic broking firm Citi has a ‘BUY’ call on the PSU company with a share price target of Rs 205 per share. Nomura too has a ‘BUY’ call, recommending a target of Rs 195 per share, while Emkay has maintained ‘ADD’ rating with a target price of Rs 180 apiece.

Indian Oil Dividend Yield

IOC stock has had a dividend yield of 3.76 per cent in the last 12 months at the current levels.

Indian Oil Dividend History

The counter touched an intraday high of Rs 172.55 per share, rising 2.19 per cent from its previous close. It is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Indian Oil Share Price History

The counter turned multibagger in just one year, delivering close to 110 per cent returns, as per data available on the BSE. The scrip endured northbound journey to deliver 184.74 per cent returns in the last three years.

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