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

Pioneer Natural Resources / Equity Bottom-Up

<ul><li>Pioneer Natural Resources attained strong results in its second quarter with oil production near the top end of its guidance range thanks to improved well performance and efficient operations.</li><li>The increased production and concurrent lowering of full year 2023 capital guidance suggests an enduring strength in Pioneer's capital efficiency.</li><li>In addition, the company also successfully returned 75% of its free cash flow to shareholders through dividends and opportunistic share repurchases, signaling strong financial management and a focus on shareholder value.</li></ul>

Pioneer Natural Resources attained strong results in its second quarter with oil production near the top end of its guidance range thanks to improved well performance and efficient operations.The increased production and concurrent lowering of full year 2023 capital guidance suggests an enduring strength in Pioneer's capital efficiency.In addition, the company also successfully returned 75% of its free cash flow to shareholders through dividends and opportunistic share repurchases, signaling strong financial management and a focus on shareholder value.

Pioneer Natural Resources: A Tale of Investments in New Technologies for Improved Recovery! - Major Driver

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

<ul><li>Pioneer Natural Resources Company delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.</li><li>Pioneer's second-quarter oil production reached 369,000 barrels per day, exceeding projections, with total production at 711,000 barrels of oil equivalent per day.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Pioneer Natural Resources Company delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.Pioneer's second-quarter oil production reached 369,000 barrels per day, exceeding projections, with total production at 711,000 barrels of oil equivalent per day.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Pioneer Natural Resources: Can The Capital Efficiency Improvement & Rig Reduction Help Financial Stability? - Major Drivers

<ul><li>Pioneer Natural Resources delivered a mixed result in the recent quarter, with revenues below market expectations.</li><li>Still, it surpassed the analyst consensus in earnings, achieving oil production that exceeded expectations and showcased healthy performance compared to the previous year.</li><li>As a result of the exceptionally well productivity and efficient operations, Pioneer has decided to increase its full-year 2023 production guidance.</li></ul>

Pioneer Natural Resources delivered a mixed result in the recent quarter, with revenues below market expectations.Still, it surpassed the analyst consensus in earnings, achieving oil production that exceeded expectations and showcased healthy performance compared to the previous year.As a result of the exceptionally well productivity and efficient operations, Pioneer has decided to increase its full-year 2023 production guidance.

Pioneer Natural Resources Company: Exceeding Oil Production Expectations Against All Odds! - Major Drivers

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.


Quiddity Leaderboard S&P 500 June 2024 - Minimal Changes Expected but Intrareview Changes Possible

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.

Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

Diamondback Energy Inc is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.

EOG Resources, Inc. explores for, develops, produces and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, China and, from time to time, select other international areas.

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

Hess Corporation is a global independent energy company engaged in the exploration and production of crude oil and natural gas.

Kinder Morgan, Inc. of Delaware operates as a pipeline transportation and energy storage company. The Company owns and operates pipelines that transport natural gas, gasoline, crude oil, carbon dioxide, and other products, as well as terminals that store petroleum products and chemicals and handle bulk materials like coal and petroleum coke.

Cheniere Energy, Inc. is an energy company focused on LNG-related businesses. The Company owns and operates liquefied natural gas (LNG) receiving terminals and liquefied natural gas (LNG) pipelines. Cheniere Energy manages and operates projects in Louisiana and Texas.

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.

ONEOK, Inc. is a diversified energy company. The Company is involved in the natural gas and natural gas liquids business across the United States.

China Petroleum & Chemical Corporation produces and trades petroleum and petrochemical products. The Company offers gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. China Petroleum & Chemical markets its products throughout China.

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

Bayan Resources Tbk PT is a coal producer.  The Company extracts thermal c oal from surface open cut mines.

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

Shaanxi Coal Industry Company Limited produces, sells and transports coal. The Company offers coal used by the power, chemical, and metallurgical industries.

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

Eni SpA explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces natural gas and imports it for sale in Italy and elsewhere in Europe. Eni transports natural gas in pipelines. The Company generates and trades electricity, refines oil, and operates gasoline service stations.

Petroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural gas.  The Company refines, markets, and supplies oil products.  Petrobras operates oil tankers, distribution pipelines, marine, river and lake terminals, thermal power plants, fertilizer plants, and petrochemical units.  The Company operates in South America and elsewhere around the world.

TC Energy Corporation operates as an energy infrastructure company. The Company develops, constructs, and manages, oil and liquids, natural gas, and energy infrastructure projects. TC Energy serves customers in North America.

NovaTek PJSC produces and distributes natural gas. The Company explores, processes, transports, and markets natural gas and liquid hydrocarbons. NovaTek offers hydrocarbon reserves development, geological exploration, and gas condensate processing services.

Pioneer Natural Resources Company is an independent oil and gas exploration and production company. The Company engages in onshore oil and gas drilling, exploration and production in the United States.

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Pioneer Natural Resources (PXD US)

Pioneer Natural Resources: A Tale of Investments in New Technologies for Improved Recovery! - Major Driver

Pioneer Natural Resources attained strong results in its second quarter with oil production near the top end of its guidance range thanks to...

Baptista Research

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Pioneer Natural Resources: Can The Capital Efficiency Improvement & Rig Reduction Help Financial Stability? - Major Drivers

Pioneer Natural Resources Company delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to...

Baptista Research

Pioneer Natural Resources Company: Exceeding Oil Production Expectations Against All Odds! - Major Drivers

Pioneer Natural Resources delivered a mixed result in the recent quarter, with revenues below market expectations. Still, it surpassed the analyst...

Baptista Research

Quiddity Leaderboard S&P 500 June 2024 - Minimal Changes Expected but Intrareview Changes Possible

For the moment, there are 1-2 changes expected in Q2 for the S&P500. They could both be intra-review changes but timing is likely to be late. So...

Travis Lundy

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