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>Phillips 66, in the third quarter of 2024, presented a financial and operational landscape illustrating both achievements and challenges.</li><li>The company reported adjusted earnings of $859 million or $2.04 per share, with operating cash flow standing at $1.1 billion.</li><li>Despite adverse market conditions, particularly in the refining sector, Phillips 66 demonstrated resilience through strategic divestitures, operational efficiencies, and an evolving focus on midstream assets and renewables.</li></ul>

Phillips 66, in the third quarter of 2024, presented a financial and operational landscape illustrating both achievements and challenges.The company reported adjusted earnings of $859 million or $2.04 per share, with operating cash flow standing at $1.1 billion.Despite adverse market conditions, particularly in the refining sector, Phillips 66 demonstrated resilience through strategic divestitures, operational efficiencies, and an evolving focus on midstream assets and renewables.

Phillips 66: Refining Cost Reduction and Utilization Efficiency To Result In Margin Expansion? - Major Drivers

<ul><li>Phillips 66 showcased a mixed yet resilient performance in their Q2 results, characterized by solid financial metrics, strategic acquisitions, and operational improvements despite various challenges.</li><li>They reported adjusted earnings of $984 million or $2.31 per share with an operating cash flow of $2.1 billion, allowing them to return $1.3 billion to shareholders through dividends and share buybacks.</li><li>This aligns with their ongoing commitment to returning over 50% of operating cash flows to shareholders.</li></ul>

Phillips 66 showcased a mixed yet resilient performance in their Q2 results, characterized by solid financial metrics, strategic acquisitions, and operational improvements despite various challenges.They reported adjusted earnings of $984 million or $2.31 per share with an operating cash flow of $2.1 billion, allowing them to return $1.3 billion to shareholders through dividends and share buybacks.This aligns with their ongoing commitment to returning over 50% of operating cash flows to shareholders.

Phillips 66: Refining Operations and Market Positioning! - Major Drivers

<ul><li>Phillips 66 reported its first-quarter earnings for fiscal 2024, emphasizing progress in strategic areas, despite some obstacles encountered during the quarter.</li><li>Mark Lashier, President and CEO, noted strong crude utilization rates during the quarter.</li><li>However, maintenance work limited the company's ability to produce higher-value products, impacting the results.</li></ul>

Phillips 66 reported its first-quarter earnings for fiscal 2024, emphasizing progress in strategic areas, despite some obstacles encountered during the quarter.Mark Lashier, President and CEO, noted strong crude utilization rates during the quarter.However, maintenance work limited the company's ability to produce higher-value products, impacting the results.

Phillips 66: Potential For Expanded Flexibility With Trans Mountain Pipeline & Other Major Developments

<ul><li>Phillips 66 delivered a strong performance in the fourth quarter and for the full year 2023.</li><li>It reported a total shareholder return of 33% in 2023 and also increased its quarterly dividend by 8%.</li><li>The company highlighted its diversified and integrated portfolio as a key aspect of its business strategy, claiming that it delivered strong returns on capital employed and a high payout ratio backed by dividend growth.</li></ul>

Phillips 66 delivered a strong performance in the fourth quarter and for the full year 2023.It reported a total shareholder return of 33% in 2023 and also increased its quarterly dividend by 8%.The company highlighted its diversified and integrated portfolio as a key aspect of its business strategy, claiming that it delivered strong returns on capital employed and a high payout ratio backed by dividend growth.

Phillips 66: Is The Demand Recovery In The Refining Macro Enough To Warrant A Bullish Thesis? - Major Drivers

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

United States

Phillips 66 is a downstream energy company.  The Company's operations include oil refining, marketing and transportation.  Phillips 66's operations also include chemical manufacturing and power generation.

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Phillips 66 (PSX US)

Phillips 66: Refining Cost Reduction and Utilization Efficiency To Result In Margin Expansion? - Major Drivers

Phillips 66, in the third quarter of 2024, presented a financial and operational landscape illustrating both achievements and challenges. The...

Baptista Research

Phillips 66: Refining Operations and Market Positioning! - Major Drivers

Phillips 66 showcased a mixed yet resilient performance in their Q2 results, characterized by solid financial metrics, strategic acquisitions, and...

Baptista Research

Phillips 66: Potential For Expanded Flexibility With Trans Mountain Pipeline & Other Major Developments

Phillips 66 reported its first-quarter earnings for fiscal 2024, emphasizing progress in strategic areas, despite some obstacles encountered...

Baptista Research

Phillips 66: Is The Demand Recovery In The Refining Macro Enough To Warrant A Bullish Thesis? - Major Drivers

Phillips 66 delivered a strong performance in the fourth quarter and for the full year 2023. It reported a total shareholder return of 33% in 2023...

Baptista Research

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

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