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>In the first quarter 2024 earnings, Occidental (OXY) management displayed confidence in their operational execution and diversified asset portfolio.</li><li>OXY reported a strong start to 2024, overcoming a challenging third party outage in the Eastern Gulf of Mexico and exceeding the midpoint of their production guidance.</li><li>The revenue was driven primarily by robust production results in their oil and gas business and outperformance in their Midstream and OxyChem businesses.</li></ul>

In the first quarter 2024 earnings, Occidental (OXY) management displayed confidence in their operational execution and diversified asset portfolio.OXY reported a strong start to 2024, overcoming a challenging third party outage in the Eastern Gulf of Mexico and exceeding the midpoint of their production guidance.The revenue was driven primarily by robust production results in their oil and gas business and outperformance in their Midstream and OxyChem businesses.

Occidental Petroleum Corporation: Battleground Plant Expansion & Other 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.

Commodities

<ul>
<li>For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.</li>
<li>US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.</li>
<li>TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.</li>
</ul>


For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.
US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.
TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.


[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

<ul><li>Occidental Petroleum's Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5 billion.</li><li>Significantly, this has facilitated the company in paying dividends, repurchasing common shares, and investing back into the business.</li><li>The primary driver of this achievement is accredited to technical expertise, leading-edge technologies, and innovation, showcasing the company’s operational strength.</li></ul>

Occidental Petroleum's Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5 billion.Significantly, this has facilitated the company in paying dividends, repurchasing common shares, and investing back into the business.The primary driver of this achievement is accredited to technical expertise, leading-edge technologies, and innovation, showcasing the company’s operational strength.

Occidental Petroleum Corporation: Enhanced Oil Recovery (EOR) and Growth Strategy In 2024! - Major Drivers

<ul><li>Occidental Petroleum Corporation managed to exceed analyst expectations regarding revenue as well as earnings, surpassing oil and gas production guidance by 34,000 BOE per day.</li><li>This success prompted an 11,000 BOE per day increase in the full-year production forecast.</li><li>The company further entered into a purchase agreement to acquire CrownRock L.P., an oil and gas producer based in Midland.</li></ul>

Occidental Petroleum Corporation managed to exceed analyst expectations regarding revenue as well as earnings, surpassing oil and gas production guidance by 34,000 BOE per day.This success prompted an 11,000 BOE per day increase in the full-year production forecast.The company further entered into a purchase agreement to acquire CrownRock L.P., an oil and gas producer based in Midland.

Occidental Petroleum Corporation: Midstream Business Exceeds Expectations – What's Behind the Success? - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Atkore's key products retained their unusually high prices last quarter, resulting in another strong quarter and raised guidance.</li>
<li>But key PVC prices are starting to weaken with the resumption of production in the US Gulf Coast.  Prices will fall much further.</li>
<li>Record high margins will contract meaningfully.  Estimates and valuations continue to be unrealistic leading us to maintain our short.</li>
</ul>


Atkore's key products retained their unusually high prices last quarter, resulting in another strong quarter and raised guidance.
But key PVC prices are starting to weaken with the resumption of production in the US Gulf Coast.  Prices will fall much further.
Record high margins will contract meaningfully.  Estimates and valuations continue to be unrealistic leading us to maintain our short.


United States

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas.  The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

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Occidental Petroleum (OXY US)

Occidental Petroleum Corporation: Battleground Plant Expansion & Other Major Drivers

In the first quarter 2024 earnings, Occidental (OXY) management displayed confidence in their operational execution and diversified asset...

Baptista Research

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

Occidental Petroleum Corporation: Enhanced Oil Recovery (EOR) and Growth Strategy In 2024! - Major Drivers

Occidental Petroleum's Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5...

Baptista Research

Occidental Petroleum Corporation: Midstream Business Exceeds Expectations – What's Behind the Success? - Major Drivers

Occidental Petroleum Corporation managed to exceed analyst expectations regarding revenue as well as earnings, surpassing oil and gas production...

Baptista Research

Atkore Inc (ATKR): Stay Short

An Atkore short provides great opportunity created by a spike in product prices which will be resolved over the coming quarters. Estimates and...

Eric Fernandez, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Occidental Petroleum Corporation: Battleground Plant Expansion & Other Major Drivers

In the first quarter 2024 earnings, Occidental (OXY) management displayed confidence in their operational execution and diversified asset...

Baptista Research

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

​US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

Occidental Petroleum Corporation: Enhanced Oil Recovery (EOR) and Growth Strategy In 2024! - Major Drivers

Occidental Petroleum's Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5...

Baptista Research

Occidental Petroleum Corporation: Midstream Business Exceeds Expectations – What's Behind the Success? - Major Drivers

Occidental Petroleum Corporation managed to exceed analyst expectations regarding revenue as well as earnings, surpassing oil and gas production...

Baptista Research

Atkore Inc (ATKR): Stay Short

An Atkore short provides great opportunity created by a spike in product prices which will be resolved over the coming quarters. Estimates and...

Eric Fernandez, CFA

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...