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>APA Corporation reported its fourth-quarter and year-end 2024 financial and operational results, demonstrating both strategic progress and ongoing challenges.</li>
<li>The company has been focusing on strengthening its portfolio, primarily in the Permian Basin and Egypt, while also advancing its exploration activities in Suriname.</li>
<li>Positively, APA Corporation has successfully reshaped its business by acquiring assets in the Permian Basin and finalizing a gas price agreement in Egypt, facilitating additional drilling opportunities.</li>
</ul>


APA Corporation reported its fourth-quarter and year-end 2024 financial and operational results, demonstrating both strategic progress and ongoing challenges.
The company has been focusing on strengthening its portfolio, primarily in the Permian Basin and Egypt, while also advancing its exploration activities in Suriname.
Positively, APA Corporation has successfully reshaped its business by acquiring assets in the Permian Basin and finalizing a gas price agreement in Egypt, facilitating additional drilling opportunities.


APA Corporation: Will Its Permian Basin Production Strategy Help Capitalize On Market Opportunities?

<ul>
<li>In APA Corporation's first-quarter 2024 financial and operational results, the performance seemed rather mixed.</li>
<li>In terms of production efficiency, APA Corporation reported a notable 16% increase in U.S. oil volumes compared to the same period last year, primarily driven by its operations in the Permian Basin.</li>
<li>This marks the fifth consecutive quarter where the company has met or exceeded its U.S. oil production guidance, underscoring its ability to maintain production efficiency consistently.</li>
</ul>


In APA Corporation's first-quarter 2024 financial and operational results, the performance seemed rather mixed.
In terms of production efficiency, APA Corporation reported a notable 16% increase in U.S. oil volumes compared to the same period last year, primarily driven by its operations in the Permian Basin.
This marks the fifth consecutive quarter where the company has met or exceeded its U.S. oil production guidance, underscoring its ability to maintain production efficiency consistently.


APA Corporation: What Are The Biggest Cost Synergies from Callon Acquisition? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!


[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Last week we discussed how evidence was pointing to a major low at 5500-5600 on the SPX, but now it appears more likely to just have been a local low</li>
<li>Market dynamics have continued to deteriorate to the point where we no longer see this as a buying opportunity.</li>
<li>We are cautious and would get defensive as long as the S&amp;P 500 is below 5770-5780 and its 200-day MA; we believe we are in a "sell rallies" regime</li>
</ul>


Last week we discussed how evidence was pointing to a major low at 5500-5600 on the SPX, but now it appears more likely to just have been a local low
Market dynamics have continued to deteriorate to the point where we no longer see this as a buying opportunity.
We are cautious and would get defensive as long as the S&amp;P 500 is below 5770-5780 and its 200-day MA; we believe we are in a "sell rallies" regime


Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology

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.

Commodities

<ul>
<li>For the week ending 27/Sep, US crude inventories rose by 3.9m barrels, contrasting expectations of a 1.5m barrel drawdown. Gasoline stockpiles also unexpectedly grew.</li>
<li>US natural gas inventories rose 55 Bcf for the week ending 27/Sep, lower than analyst expectations of a 59 Bcf buildup. Inventories are 5.7% above the 5-year seasonal average.</li>
<li>Chevron, Shell, Halliburton, and Schlumberger have all experienced target price downgrades, while Exxon Mobil received an upward revision to its target price. Notably, Goldman Sachs downgraded Occidental to Neutral.</li>
</ul>


For the week ending 27/Sep, US crude inventories rose by 3.9m barrels, contrasting expectations of a 1.5m barrel drawdown. Gasoline stockpiles also unexpectedly grew.
US natural gas inventories rose 55 Bcf for the week ending 27/Sep, lower than analyst expectations of a 59 Bcf buildup. Inventories are 5.7% above the 5-year seasonal average.
Chevron, Shell, Halliburton, and Schlumberger have all experienced target price downgrades, while Exxon Mobil received an upward revision to its target price. Notably, Goldman Sachs downgraded Occidental to Neutral.


[ETP 2024/40] WTI Prices Surge as Iran-Israel Tensions Rise; Nat-Gas Rallies on Output Cuts

United States

APA Corporation operates as an oil and gas company. The Company focuses on exploration and production of oil and gas properties. APA serves clients worldwide.

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APA (APA US)

APA Corporation: Will Its Permian Basin Production Strategy Help Capitalize On Market Opportunities?

APA Corporation reported its fourth-quarter and year-end 2024 financial and operational results, demonstrating both strategic progress and ongoing...

Baptista Research

APA Corporation: What Are The Biggest Cost Synergies from Callon Acquisition? - Major Drivers

In terms of production efficiency, APA Corporation reported a notable 16% increase in U.S. oil volumes compared to the same period last year,...

Baptista Research

[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

The S&P 500 June 2025 rebal will have fun at both ends of the spectrum. A bunch of intra-review changes at the top are likely, and a few S&P...

Travis Lundy

Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology

Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy $XLE to Market Weight; Downgrading Technology $XLK to Underweight; Cautious if...

Vermilion Research

[ETP 2024/40] WTI Prices Surge as Iran-Israel Tensions Rise; Nat-Gas Rallies on Output Cuts

WTI rose amid heightened supply concerns after Iran's missile attacks on Israel, yet long-term demand worries persist. US nat-gas reached a 16-week...

Mint Finance

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