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>Halliburton Company's first-quarter 2025 financial performance presented a picture of mixed results, amid dynamic and shifting market conditions, impacting its regional operations, revenues, and strategic outlook.</li><li>The company reported total revenue of $5.4 billion and an adjusted operating margin of 14.5%.</li><li>A significant highlight from this quarter emanated from international markets, where revenue dipped to $3.2 billion, largely impacted by a 19% decline in Mexico.</li></ul>

Halliburton Company's first-quarter 2025 financial performance presented a picture of mixed results, amid dynamic and shifting market conditions, impacting its regional operations, revenues, and strategic outlook.The company reported total revenue of $5.4 billion and an adjusted operating margin of 14.5%.A significant highlight from this quarter emanated from international markets, where revenue dipped to $3.2 billion, largely impacted by a 19% decline in Mexico.

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Oil and Gas, Mint Finance

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Oil and Gas

Deep Fundamental Analysis

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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>Halliburton will report its Q1 earnings on 22/Apr, with revenue and EPS projected to fall sequentially and annually due to weak activity in North America.</li>
<li>Halliburton's OI PCR at 0.86 signals neutral sentiment, while its IV percentile at 96% indicates high volatility.</li>
<li>For the 25/Apr expiry, Halliburton’s OI shows calls concentrated at strikes 20, 25, and 27, while puts dominate at 19, 19.5, and 21.5, with higher put OI at key levels.</li>
</ul>


Halliburton will report its Q1 earnings on 22/Apr, with revenue and EPS projected to fall sequentially and annually due to weak activity in North America.
Halliburton's OI PCR at 0.86 signals neutral sentiment, while its IV percentile at 96% indicates high volatility.
For the 25/Apr expiry, Halliburton’s OI shows calls concentrated at strikes 20, 25, and 27, while puts dominate at 19, 19.5, and 21.5, with higher put OI at key levels.


[Pre Earnings Options Flash] Halliburton Options Signal Elevated Volatility Amid Neutral Sentiment

<ul>
<li>Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.</li>
<li>Halliburton has underperformed the S&amp;P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.</li>
<li>Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.</li>
</ul>


Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.
Halliburton has underperformed the S&amp;P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.
Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.


[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs

<ul>
<li>Halliburton’s Q4 revenue fell by 2.3% YoY and missed estimates by 0.4% due to weakness in North America. However, its EPS beat estimates by 0.7%.</li>
<li>Completion &amp; Production revenue fell 4.2% YoY due to reduced activity in North and Latin America. Drilling &amp; Evaluation revenue grew 0.4% YoY driven by growth in the Middle East.</li>
<li>In Q4, Halliburton repurchased USD 309 million in stock and generated USD 1.1 billion in free cash flow. Full-year repurchases totalled USD 1.6 billion.</li>
</ul>


Halliburton’s Q4 revenue fell by 2.3% YoY and missed estimates by 0.4% due to weakness in North America. However, its EPS beat estimates by 0.7%.
Completion &amp; Production revenue fell 4.2% YoY due to reduced activity in North and Latin America. Drilling &amp; Evaluation revenue grew 0.4% YoY driven by growth in the Middle East.
In Q4, Halliburton repurchased USD 309 million in stock and generated USD 1.1 billion in free cash flow. Full-year repurchases totalled USD 1.6 billion.


[Earnings Review] Halliburton Q4 Performance Impacted by North America Weakness

<ul><li>Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance.</li><li>The company reported a total revenue of $22.9 billion for 2024, with an 8% growth in its international business, particularly driven by an 8% increase in the Middle East/Asia region.</li><li>Conversely, the North American segment experienced an 8% revenue decline year-over-year, reflecting broader sector trends, but still managed to outperform rig count and completion activity benchmarks.</li></ul>

Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance.The company reported a total revenue of $22.9 billion for 2024, with an 8% growth in its international business, particularly driven by an 8% increase in the Middle East/Asia region.Conversely, the North American segment experienced an 8% revenue decline year-over-year, reflecting broader sector trends, but still managed to outperform rig count and completion activity benchmarks.

Halliburton Company: International Market Growth To Reinforce Global Leadership In Oilfield Services! - Major Drivers

United States

Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry.  The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

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Halliburton Co (HAL US)

Halliburton’s Zeus Frac Fleet: The Silent Move That Could Power Their Growth The Energy Services Market!

Halliburton Company's first-quarter 2025 financial performance presented a picture of mixed results, amid dynamic and shifting market conditions,...

Baptista Research

[Pre Earnings Options Flash] Halliburton Options Signal Elevated Volatility Amid Neutral Sentiment

Halliburton's Q1 earnings expected to decline due to weak North American activity, with neutral sentiment. Calls concentrated at strikes 20, 25,...

Mint Finance

[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs

Halliburton's Q1 revenue and EPS are expected to decline due to soft North American activity and weak oil prices. Analysts maintain a "Buy"...

Mint Finance

[Earnings Review] Halliburton Q4 Performance Impacted by North America Weakness

Halliburton's Q4 revenue fell due to weakness in North America. Revenue from Completion & Production declined but grew from Drilling & Evaluation....

Mint Finance

Halliburton Company: International Market Growth To Reinforce Global Leadership In Oilfield Services! - Major Drivers

Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance. The...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Halliburton’s Zeus Frac Fleet: The Silent Move That Could Power Their Growth The Energy Services Market!

Halliburton Company's first-quarter 2025 financial performance presented a picture of mixed results, amid dynamic and shifting market conditions,...

Baptista Research

[Pre Earnings Options Flash] Halliburton Options Signal Elevated Volatility Amid Neutral Sentiment

​Halliburton's Q1 earnings expected to decline due to weak North American activity, with neutral sentiment. Calls concentrated at strikes 20, 25,...

Mint Finance

[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs

​Halliburton's Q1 revenue and EPS are expected to decline due to soft North American activity and weak oil prices. Analysts maintain a "Buy"...

Mint Finance

[Earnings Review] Halliburton Q4 Performance Impacted by North America Weakness

​Halliburton's Q4 revenue fell due to weakness in North America. Revenue from Completion & Production declined but grew from Drilling & Evaluation....

Mint Finance

Halliburton Company: International Market Growth To Reinforce Global Leadership In Oilfield Services! - Major Drivers

Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance. The...

Baptista Research

Halliburton's Q1 earnings expected to decline due to weak North American activity, with neutral sentiment. Calls concentrated at strikes 20, 25,...

Halliburton's Q1 revenue and EPS are expected to decline due to soft North American activity and weak oil prices. Analysts maintain a "Buy"...

Halliburton's Q4 revenue fell due to weakness in North America. Revenue from Completion & Production declined but grew from Drilling & Evaluation....