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

Pbf Energy Inc Class A / Equity Bottom-Up

<ul><li>PBF Energy's second quarter 2024 earnings presentation reveals a mixed financial landscape marked by challenges and strategic achievements.</li><li>Despite experiencing weaker-than-expected earnings, the company successfully maintained a robust cash position and further advanced its operational goals.</li><li>The quarter faced unusual market conditions where RIN-adjusted crack spreads saw a significant decrease, contributing to tighter margins across the board.</li></ul>

PBF Energy's second quarter 2024 earnings presentation reveals a mixed financial landscape marked by challenges and strategic achievements.Despite experiencing weaker-than-expected earnings, the company successfully maintained a robust cash position and further advanced its operational goals.The quarter faced unusual market conditions where RIN-adjusted crack spreads saw a significant decrease, contributing to tighter margins across the board.

PBF Energy Inc.: Tackling The Challenges of Maintaining Competitive Market Positioning! - Major Drivers

<ul><li>PBF Energy recently presented updates on its operational and financial performance for the first quarter of 2024, along with insights into future strategy adjustments.</li><li>Reflecting a mixed performance during this period, the results demonstrate both challenges and strengths in PBF Energy’s operations.</li><li>From a financial standpoint, PBF Energy reported adjusted net income of $0.85 per share and adjusted EBITDA of $301.5 million.</li></ul>

PBF Energy recently presented updates on its operational and financial performance for the first quarter of 2024, along with insights into future strategy adjustments.Reflecting a mixed performance during this period, the results demonstrate both challenges and strengths in PBF Energy’s operations.From a financial standpoint, PBF Energy reported adjusted net income of $0.85 per share and adjusted EBITDA of $301.5 million.

PBF Energy Inc.: Adaptation to Market Conditions and Regulatory Environment! - Major Drivers

<ul><li>PBF Energy Inc, during its 2023 4th quarter's earnings, executed a successful financial year, marked as the second-best in its history.</li><li>It pointed to significant equity value enhancement achieved by reducing the debt by over $700 million.</li><li>About $640 million was also returned directly to shareholders via dividends and share buybacks.</li></ul>

PBF Energy Inc, during its 2023 4th quarter's earnings, executed a successful financial year, marked as the second-best in its history.It pointed to significant equity value enhancement achieved by reducing the debt by over $700 million.About $640 million was also returned directly to shareholders via dividends and share buybacks.

PBF Energy: Initiation Of Coverage - What Is The Management's Strategy to Fortify the Balance Sheet? - 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.

Thematic (Sector/Industry)

<ul>
<li>This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").</li>
<li>Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.</li>
<li>This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.</li>
</ul>


This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").
Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.
This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.


Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

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>Large-Cap indexes (S&amp;P 500, Nasdaq 100) remain bullish, finding support at their respective 20-day MAs since November 2023, and we remain bullish</li>
<li>The question is whether that will continue to be the case. Concerns are rising Treasury yields and the U.S. dollar (DXY), which have broken above short-term resistance levels on Feb13</li>
<li>Friday's PPI report should provide more clarity as to how concerned we should be about rising inflation</li>
</ul>


Large-Cap indexes (S&amp;P 500, Nasdaq 100) remain bullish, finding support at their respective 20-day MAs since November 2023, and we remain bullish
The question is whether that will continue to be the case. Concerns are rising Treasury yields and the U.S. dollar (DXY), which have broken above short-term resistance levels on Feb13
Friday's PPI report should provide more clarity as to how concerned we should be about rising inflation


S&P 500 and Nasdaq 100 Testing 20-Day MAs; 10-Yr Treasury Yield Testing Critical 4.35% Resistance

United States

PBF Energy Inc. is an independent petroleum refiner and supplier. The Company offers unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. PBF's finished products are sold through long-term offtake and supply agreements.

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Pbf Energy Inc Class A (PBF US)

PBF Energy Inc.: Tackling The Challenges of Maintaining Competitive Market Positioning! - Major Drivers

PBF Energy's second quarter 2024 earnings presentation reveals a mixed financial landscape marked by challenges and strategic...

Baptista Research

PBF Energy Inc.: Adaptation to Market Conditions and Regulatory Environment! - Major Drivers

PBF Energy recently presented updates on its operational and financial performance for the first quarter of 2024, along with insights into future...

Baptista Research

PBF Energy: Initiation Of Coverage - What Is The Management's Strategy to Fortify the Balance Sheet? - Major Drivers

PBF Energy Inc, during its 2023 4th quarter's earnings, executed a successful financial year, marked as the second-best in its history. It pointed...

Baptista Research

Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

Pure play crude oil refining and marketing firms outperformed integrated oil E&P companies during times of widening crack oil spreads.

Mint Finance

S&P 500 and Nasdaq 100 Testing 20-Day MAs; 10-Yr Treasury Yield Testing Critical 4.35% Resistance

$SPX and Nasdaq 100 $QQQ testing 20-day MAs (support since November); We remain bullish, but can't rule out a pullback to 4800-4850 on SPX; 10-Yr...

Vermilion Research

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