Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Chevron Corporation's third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial headwinds.</li><li>The company reported earnings of $4.5 billion or $2.48 per share, with adjusted earnings similarly at $4.5 billion or $2.51 per share.</li><li>Despite these substantial earnings, this marked a decrease from the prior year largely due to lower liquids realizations and increased depreciation, depletion, and amortization (DD&A), particularly at the Tengizchevroil (TCO) project in Kazakhstan.</li></ul>

Chevron Corporation's third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial headwinds.The company reported earnings of $4.5 billion or $2.48 per share, with adjusted earnings similarly at $4.5 billion or $2.51 per share.Despite these substantial earnings, this marked a decrease from the prior year largely due to lower liquids realizations and increased depreciation, depletion, and amortization (DD&A), particularly at the Tengizchevroil (TCO) project in Kazakhstan.

Chevron Corporation Unveils Aggressive $3 Billion Cost-Cutting Plan – Here’s What It Means for Investors! - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Chevron’s Q3 revenue declined 6.3% YoY, while its net profit dropped 31.2%. Yet it beat its revenue and EPS estimates by 3.7% and 3.6%, respectively.  </li>
<li>Chevron achieved a record Q3 output of 3.36 mboepd, up 7% YoY, driven by Permian growth. Full-year production growth is expected near the top of its 4-7% guidance.</li>
<li>Chevron returned USD 4.7 billion in buybacks and USD 2.9 billion in dividends. Q4 is expected to see USD 1 billion in dividends and USD 4–4.75 billion in buybacks.</li>
</ul>


Chevron’s Q3 revenue declined 6.3% YoY, while its net profit dropped 31.2%. Yet it beat its revenue and EPS estimates by 3.7% and 3.6%, respectively.  
Chevron achieved a record Q3 output of 3.36 mboepd, up 7% YoY, driven by Permian growth. Full-year production growth is expected near the top of its 4-7% guidance.
Chevron returned USD 4.7 billion in buybacks and USD 2.9 billion in dividends. Q4 is expected to see USD 1 billion in dividends and USD 4–4.75 billion in buybacks.


[Earnings Review] Chevron Surpasses Expectations on Higher Output and Improved Efficiency

<ul>
<li>Chevron set to report Q3 earnings on 01/Nov, with analysts expecting revenue and EPS to fall by 7% YoY and 8.9%, respectively. Outlook is bearish due to lower crude prices.</li>
<li>Chevron's OI PCR at 0.95 signals neutral sentiment, while an 97% IV percentile indicates high volatility. Call OI strikes are focused on strikes of 150, 155, and 157.5.</li>
<li>Chevron’s short interest fell for the second consecutive biweekly period, reaching 53.51 million shares (2.95% of float) as of 15/Oct—a 0.6% fall from 30/Sep.</li>
</ul>


Chevron set to report Q3 earnings on 01/Nov, with analysts expecting revenue and EPS to fall by 7% YoY and 8.9%, respectively. Outlook is bearish due to lower crude prices.
Chevron's OI PCR at 0.95 signals neutral sentiment, while an 97% IV percentile indicates high volatility. Call OI strikes are focused on strikes of 150, 155, and 157.5.
Chevron’s short interest fell for the second consecutive biweekly period, reaching 53.51 million shares (2.95% of float) as of 15/Oct—a 0.6% fall from 30/Sep.


[Pre Earnings Options Flash] Chevron’s OI PCR Shows Neutral Sentiment Amid High Implied Volatility

<ul>
<li>Chevron's Q3 revenue is expected to decline by 7% YoY, with EPS projected to fall 8.9% due to contracting refining margins and lower price realisations.</li>
<li>The early September plunge in oil prices may further squeeze already tight refining margins. Management anticipates a slowdown in output due to increased maintenance in Q3.</li>
<li>Chevron became the most shorted large-cap stock in the US in August, with shares shorted increasing by over USD 200 million amid growing bearish sentiment.</li>
</ul>


Chevron's Q3 revenue is expected to decline by 7% YoY, with EPS projected to fall 8.9% due to contracting refining margins and lower price realisations.
The early September plunge in oil prices may further squeeze already tight refining margins. Management anticipates a slowdown in output due to increased maintenance in Q3.
Chevron became the most shorted large-cap stock in the US in August, with shares shorted increasing by over USD 200 million amid growing bearish sentiment.


[Earnings Preview] Chevron Faces Pressure from Tight Refining Margins and Increased Maintenance

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Chevron Corp (CVX US)

Chevron Corporation Unveils Aggressive $3 Billion Cost-Cutting Plan – Here’s What It Means for Investors! - Major Drivers

Chevron Corporation's third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial...

Baptista Research

[Earnings Review] Chevron Surpasses Expectations on Higher Output and Improved Efficiency

Chevron's Q3 results show revenue and profit declines, but beat estimates. Record output driven by Permian growth, with strong returns to...

Mint Finance

[Pre Earnings Options Flash] Chevron’s OI PCR Shows Neutral Sentiment Amid High Implied Volatility

Chevron’s Q3 revenue and EPS are expected to fall YoY lower crude oil prices amid extensive maintenance in Q3. OI PCR implies neutral sentiment....

Mint Finance

[Earnings Preview] Chevron Faces Pressure from Tight Refining Margins and Increased Maintenance

Chevron’s short-term outlook is gloomy due to weak oil prices and global oil demand amid regulatory complications with its Hess purchase. In Q3,...

Mint Finance

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Now USD17.9tr in deposits, up from our recent note. (This is latest HFD data for all US banks). This is relevant to market concerns with possibly...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chevron Corporation Unveils Aggressive $3 Billion Cost-Cutting Plan – Here’s What It Means for Investors! - Major Drivers

Chevron Corporation's third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial...

Baptista Research

[Earnings Review] Chevron Surpasses Expectations on Higher Output and Improved Efficiency

​Chevron's Q3 results show revenue and profit declines, but beat estimates. Record output driven by Permian growth, with strong returns to...

Mint Finance

[Pre Earnings Options Flash] Chevron’s OI PCR Shows Neutral Sentiment Amid High Implied Volatility

Chevron’s Q3 revenue and EPS are expected to fall YoY lower crude oil prices amid extensive maintenance in Q3. OI PCR implies neutral sentiment....

Mint Finance

[Earnings Preview] Chevron Faces Pressure from Tight Refining Margins and Increased Maintenance

Chevron’s short-term outlook is gloomy due to weak oil prices and global oil demand amid regulatory complications with its Hess purchase. In Q3,...

Mint Finance

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Now USD17.9tr in deposits, up from our recent note. (This is latest HFD data for all US banks). This is relevant to market concerns with possibly...

Daniel Tabbush

Chevron's Q3 results show revenue and profit declines, but beat estimates. Record output driven by Permian growth, with strong returns to...