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>Atmos Energy Corporation has presented a robust fiscal performance for the second quarter of 2024, showing notable advancements and developments across various segments.</li><li>The company reported a year-to-date net income of $743 million, translating to earnings per share of $4.93, with an updated guidance range of $6.70 to $6.80 for the fiscal year.</li><li>These figures represent a performance uptick and reflect the ongoing efforts of Atmos Energy to modernize and expand its services.</li></ul>

Atmos Energy Corporation has presented a robust fiscal performance for the second quarter of 2024, showing notable advancements and developments across various segments.The company reported a year-to-date net income of $743 million, translating to earnings per share of $4.93, with an updated guidance range of $6.70 to $6.80 for the fiscal year.These figures represent a performance uptick and reflect the ongoing efforts of Atmos Energy to modernize and expand its services.

Atmos Energy Corporation: Initiation of Coverage - What Is Their Core Business Strategy? - Major Drivers

<ul><li>Atmos Energy Corporation has provided an update on their fiscal 2024 second quarter results in their latest earnings call.</li><li>The company reported a year-to-date net income of $743 million and has revised their fiscal 2024 earnings per share guidance to a range of $6.70 to $6.80, indicating a sound financial performance.</li><li>The company attributes their performance to the commitment and hard work of its employees in modernizing their natural gas distribution, transmission and storage systems, and providing reliable service to their 3.4 million customers.</li></ul>

Atmos Energy Corporation has provided an update on their fiscal 2024 second quarter results in their latest earnings call.The company reported a year-to-date net income of $743 million and has revised their fiscal 2024 earnings per share guidance to a range of $6.70 to $6.80, indicating a sound financial performance.The company attributes their performance to the commitment and hard work of its employees in modernizing their natural gas distribution, transmission and storage systems, and providing reliable service to their 3.4 million customers.

Atmos Energy Corporation: Initiation of Coverage - Sustained Growth Through Strategic Investments and Regulatory Support! - Major Drivers

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

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here -- barring improvements. At the same time we are not seeing widespread breakdowns and the major averages are still consolidating within a 1-month horizontal range. As long as this consolidation continues, a neutral outlook is appropriate. In today’s report we highlight attractive Groups and stocks within health care staffing, silver, and platinum miners, and Electric and Gas utilities.

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here -- barring improvements. At the same time we are not seeing widespread breakdowns and the major averages are still consolidating within a 1-month horizontal range. As long as this consolidation continues, a neutral outlook is appropriate. In today’s report we highlight attractive Groups and stocks within health care staffing, silver, and platinum miners, and Electric and Gas utilities.

S&P 500 Consolidating Despite Negative Signals

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

U.S. Equity Strategy: Market Still Susceptible

The S&amp;P 500 is consolidating under 2,954 - logical resistance - as market participants are in wait-and-see mode for incremental trade news ahead of the Trump/Xi G20 meeting later this week. While a breakout is certainly possible, we believe additional consolidation is the more likely scenario. In today's report we highlight a mix of positive and negative developments which lead us to this conclusion along with updates on other big picture trends. Also highlighted are attractive Groups and stocks within Materials, Health Care, and Utilities: Gold, Western Hemisphere, Cardiovascular Products, and Gas, Midwest.

The S&amp;P 500 is consolidating under 2,954 - logical resistance - as market participants are in wait-and-see mode for incremental trade news ahead of the Trump/Xi G20 meeting later this week. While a breakout is certainly possible, we believe additional consolidation is the more likely scenario. In today's report we highlight a mix of positive and negative developments which lead us to this conclusion along with updates on other big picture trends. Also highlighted are attractive Groups and stocks within Materials, Health Care, and Utilities: Gold, Western Hemisphere, Cardiovascular Products, and Gas, Midwest.

U.S. Dollar Breaking Down; Gold Breaking Out

United States

Southwest Gas Corporation purchases, transports, and distributes natural gas to residential, commercial, and industrial customers in portions of Arizona, Nevada, and California.  The Company also provides construction services to utility companies, including trenching and installation, replacement, and maintenance services for energy distribution systems.

National Fuel Gas Company is an integrated natural gas company with operations in all segments of the natural gas industry, including utility, pipeline and storage, exploration and production, and marketing operations.  The Company operates across the United States.

UGI Corporation distributes and markets energy products and services.  The Company is a domestic and international distributor of propane.  UGI also distributes and markets natural gas and electricity, and sells related products and services in the Middle Atlantic region of the United States.

New Jersey Resources Corporation provides retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada.  The Company's principal subsidiary, New Jersey Natural Gas Co., is a local distribution company serving customers in central and northern New Jersey.

ONE Gas, Inc. is a regulated natural gas utility. The Company distributes natural gas to customers in Oklahoma, Kansas and Texas. ONE Gas serves the residential, commercial, industrial, transportation, and wholesale industries.

Spire Inc. is a public utility company involved in the retail distribution of natural gas. The Company serves an area in eastern Missouri and parts of several other counties. Spire also operates underground natural gas storage fields and transports and stores liquid propane.

Chesapeake Utilities Corporation is a utility company that provides natural gas transmission and distribution, propane distribution, and information technology services.  The Company distributes natural gas to residential, commercial, and industrial customers in Delaware, Maryland, and Florida.  Chesapeake Utilities' propane is distributed to customers in Delaware, Maryland, and Virginia.

Northwest Natural Holding Company operates as a holding company. The Company, through its subsidiaries, builds and maintains natural gas distribution system, as well as invests in natural gas pipeline projects. Northwest Natural Holding serves residential, commercial, and industrial customers in the United States, Canada, and Service Territory.

Suburban Propane Partners, L.P. is a retail propane gas marketer that serves residential, commercial, industrial, and agricultural customers through service centers.

CMS Energy Corporation is an energy company operating primarily in Michigan. The Company, through its subsidiaries provides electricity and/or natural gas to its customers in Michigan. CMS Energy also invests in and operates non-utility power generation plants in the United States and abroad.

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

Snam S.p.A. owns and operates Italy's natural-gas distribution network.  The Company transports gas on behalf of importers, distributors, and companies supplying Italian households.  Snam owns a network of high-and medium-pressure pipes, including trunk lines connected to production and importation sites in Italy.

The Hong Kong and China Gas Company Limited produces, distributes, and markets gas and gas appliances to residential and industrial customers through its brands.The Company's subsidiaries develops gas projects in China and manages commercial properties.

Naturgy Energy Group S.A. distributes natural gas. The Company operates gas storage facilities, as well as owns and operates a fiber optic backbone telecommunications networks. Naturgy Energy Group also markets energy management products, household gas appliances, and installs gas heating systems. Naturgy Energy serves clients worldwide.

OSAKA GAS CO., LTD. produces and supplies natural gas primarily in Osaka, Kyoto, and Hyogo areas.  The Company provides gases and energy products for residential, commercial, and industrial customers.  Osaka Gas also constructs and maintains gas supply lines.  In addition, the Company sells gas appliances.

ENN Energy Holdings Ltd. distributes natural gas in China.  The Company, through its subsidiaries, invests in, operates, and manages gas pipelines, and sells and distributes piped and bottled gas in China.

TOKYO GAS CO., LTD. produces and supplies liquefied natural gas to Tokyo and the surrounding areas.  The Company maintains and manages gas supply equipment and sells air conditioning appliances.  Tokyo Gas operates power generation business as well.

PetroVietnam Gas JSC transports, stores, and markets petroleum gas.  The Companies products include liquefied petroleum gas, dry gas, compressed natural gas, and liquefied natural gas.  PetroVietnam's services include gas gathering, gas importation, gas transportation and distribution, gas engine development and gas operation and maintenance.

Petronas Gas Berhad processes and separates natural gas into its components from the gas field offshore Terengganu. The Company stores, transports, and distributes these components as well as trades utilities to petrochemical plants.

Enn Natural Gas Co.,Ltd. offers natural gas engineering services. The Company provides natural gas engineering investment, gas station construction, and energy equipment distribution services. Enn Natural Gas also operates coal materials, chemicals,  and biopharmaceutical products trading businesses.

Atmos Energy Corporation distributes natural gas to utility customers in several states.  The Company's non-utility operations span various states and provide natural gas marketing and procurement services to large customers.  Atmos Energy also manages company-owned natural gas storage and pipeline assets, including an intrastate natural gas pipeline in Texas.

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Atmos Energy (ATO US)

Atmos Energy Corporation: Initiation of Coverage - What Is Their Core Business Strategy? - Major Drivers

Atmos Energy Corporation has presented a robust fiscal performance for the second quarter of 2024, showing notable advancements and developments...

Baptista Research

Atmos Energy Corporation: Initiation of Coverage - Sustained Growth Through Strategic Investments and Regulatory Support! - Major Drivers

Atmos Energy Corporation has provided an update on their fiscal 2024 second quarter results in their latest earnings call. The company reported a...

Baptista Research

S&P 500 Consolidating Despite Negative Signals

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here --...

Vermilion Research

U.S. Equity Strategy: Market Still Susceptible

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to...

Vermilion Research

U.S. Dollar Breaking Down; Gold Breaking Out

The S&P 500 is consolidating under 2,954 - logical resistance - as market participants are in wait-and-see mode for incremental trade news...

Vermilion Research

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