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>Southwest Gas Holdings reported its first-quarter results for 2024, outlining both its achievements and challenges.</li><li>The company successfully closed the initial public offering (IPO) of Centuri, which netted approximately $329 million in cash proceeds.</li><li>This IPO is a significant move in Southwest Gas's strategy to focus on its core natural gas utility operations, and it led to a reduction of Centuri's debt by $316 million.</li></ul>

Southwest Gas Holdings reported its first-quarter results for 2024, outlining both its achievements and challenges.The company successfully closed the initial public offering (IPO) of Centuri, which netted approximately $329 million in cash proceeds.This IPO is a significant move in Southwest Gas's strategy to focus on its core natural gas utility operations, and it led to a reduction of Centuri's debt by $316 million.

Southwest Gas Holdings: Initiation of Coverage - What's Next After The Successful Restructuring? - Major Drivers

<ul><li>This is our first report on natural gas transporter, Southwest Gas Holdings.</li><li>The company's underlying strategy is geared towards restoring the firm to its position as a premier fully regulated natural gas utility.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on natural gas transporter, Southwest Gas Holdings.The company's underlying strategy is geared towards restoring the firm to its position as a premier fully regulated natural gas utility.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Southwest Gas: Initiation of Coverage - How This Energy Titan Is Capturing 5-7% Annual Growth Amidst the Energy Transition! - Major Drivers

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

<p>Continued encouraging COVID-19 news and accommodative moves by the Fed have allowed the bulls to remain in control while short-term support on the S&amp;P 500 held near 2,450. While the bulls remain in control in the short-term, we continue to believe the broad equity market is not yet out of the woods and remains vulnerable -- particularly as Wall Street sentiment has flipped bullish. In today’s report we highlight attractive stocks from a relative strength perspective across Sectors.</p>

Continued encouraging COVID-19 news and accommodative moves by the Fed have allowed the bulls to remain in control while short-term support on the S&amp;P 500 held near 2,450. While the bulls remain in control in the short-term, we continue to believe the broad equity market is not yet out of the woods and remains vulnerable -- particularly as Wall Street sentiment has flipped bullish. In today’s report we highlight attractive stocks from a relative strength perspective across Sectors.

U.S. Equity Strategy: Bulls Still In Driver’s Seat, But For How Long?

United States

National Fuel Gas Company is an integrated natural gas company with operations in all segments of the natural gas industry, including utility, pipeline and storage, exploration and production, and marketing operations.  The Company operates across the United States.

UGI Corporation distributes and markets energy products and services.  The Company is a domestic and international distributor of propane.  UGI also distributes and markets natural gas and electricity, and sells related products and services in the Middle Atlantic region of the United States.

New Jersey Resources Corporation provides retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada.  The Company's principal subsidiary, New Jersey Natural Gas Co., is a local distribution company serving customers in central and northern New Jersey.

ONE Gas, Inc. is a regulated natural gas utility. The Company distributes natural gas to customers in Oklahoma, Kansas and Texas. ONE Gas serves the residential, commercial, industrial, transportation, and wholesale industries.

Spire Inc. is a public utility company involved in the retail distribution of natural gas. The Company serves an area in eastern Missouri and parts of several other counties. Spire also operates underground natural gas storage fields and transports and stores liquid propane.

Chesapeake Utilities Corporation is a utility company that provides natural gas transmission and distribution, propane distribution, and information technology services.  The Company distributes natural gas to residential, commercial, and industrial customers in Delaware, Maryland, and Florida.  Chesapeake Utilities' propane is distributed to customers in Delaware, Maryland, and Virginia.

Northwest Natural Holding Company operates as a holding company. The Company, through its subsidiaries, builds and maintains natural gas distribution system, as well as invests in natural gas pipeline projects. Northwest Natural Holding serves residential, commercial, and industrial customers in the United States, Canada, and Service Territory.

Suburban Propane Partners, L.P. is a retail propane gas marketer that serves residential, commercial, industrial, and agricultural customers through service centers.

MDU Resources Group, Inc. provides various commercial services. The Company offers distribution of electricity, natural gas, and construction materials, as well as construction services. MDU Resources Group serves customers in the United States.

IDACORP, Inc is the holding company for Idaho Power Company, an electric utility and IDACORP Energy, an energy marketing company.  Idaho Power generates, purchases, transmits, distributes, and sells electric energy in southern Idaho, eastern Oregon, and northern Nevada.  IDACORP Energy maintains electricity and natural gas marketing operations.

China Gas Holdings Ltd. invests in, operates and manages natural gas distribution pipelines.  The Company distributes and sells natural gas to residential, commercial and industrial users, and bottles and sells compressed natural gas.  China Gas also constructs and operates gas stations.

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

Enagas SA imports, stores, and transports natural gas. The Company imports liquid natural gas on methane carriers and operates regasification plants in Barcelona, Huelva, and Cartagena. Enagas also receives natural gas through pipelines over the Pyrenees Mountains and across the Strait of Gibraltar. The Company transports gas throughout Spain through its high-pressure pipelines.

Italgas S.p.A. provides gas distribution services. The Company offers delivery points management, pressure reduction plants, withdrawal cabins, fault reporting, and laboratory testing services. Italgas conducts its business in Italy.

PetroVietnam Gas JSC transports, stores, and markets petroleum gas.  The Companies products include liquefied petroleum gas, dry gas, compressed natural gas, and liquefied natural gas.  PetroVietnam's services include gas gathering, gas importation, gas transportation and distribution, gas engine development and gas operation and maintenance.

APA Group is a natural gas infrastructure company. The Company owns and or operates gas transmission and distribution assets whose pipelines span every state and territory in mainland Australia. APA Group also holds minority interests in energy infrastructure enterprises.

Petronas Gas Berhad processes and separates natural gas into its components from the gas field offshore Terengganu. The Company stores, transports, and distributes these components as well as trades utilities to petrochemical plants.

Rubis SCA distributes liquefied petroleum gas and stores bulk liquids.  The Company stores hydrocarbons, chemicals, fertilizers and edible oils.  Rubis also distributes liquefied petroleum gas (LPG) in Europe.

PT Perusahaan Gas Negara Persero Tbk operates in the distribution and transmission of natural gas to industrial, commercial and household users.

Southwest Gas Corporation purchases, transports, and distributes natural gas to residential, commercial, and industrial customers in portions of Arizona, Nevada, and California.  The Company also provides construction services to utility companies, including trenching and installation, replacement, and maintenance services for energy distribution systems.

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Southwest Gas (SWX US)

Southwest Gas Holdings: Initiation of Coverage - What's Next After The Successful Restructuring? - Major Drivers

Southwest Gas Holdings reported its first-quarter results for 2024, outlining both its achievements and challenges. The company successfully...

Baptista Research

Southwest Gas: Initiation of Coverage - How This Energy Titan Is Capturing 5-7% Annual Growth Amidst the Energy Transition! - Major Drivers

This is our first report on natural gas transporter, Southwest Gas Holdings. The company's underlying strategy is geared towards restoring the...

Baptista Research

U.S. Equity Strategy: Bulls Still In Driver’s Seat, But For How Long?

Continued encouraging COVID-19 news and accommodative moves by the Fed have allowed the bulls to remain in control while short-term support on the...

Vermilion Research

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