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>Occidental Petroleum Corporation’s second quarter 2026 results demonstrated operational and financial progress, underscoring the company’s pursuit of sustainable cash flow growth driven by capital discipline, cost efficiency, and resource optimization.</li><li>Production averaged 1.43 million barrels of oil equivalent (BOE) per day, surpassing guidance, predominantly due to strong performance in U.S. onshore assets such as the Permian Basin and the Gulf of America.</li><li>However, international volumes were somewhat hindered by geopolitical disruptions in the Middle East.</li></ul>

Occidental Petroleum Corporation’s second quarter 2026 results demonstrated operational and financial progress, underscoring the company’s pursuit of sustainable cash flow growth driven by capital discipline, cost efficiency, and resource optimization.Production averaged 1.43 million barrels of oil equivalent (BOE) per day, surpassing guidance, predominantly due to strong performance in U.S. onshore assets such as the Permian Basin and the Gulf of America.However, international volumes were somewhat hindered by geopolitical disruptions in the Middle East.

Occidental Petroleum’s $3 Billion Cash Flow Quarter — Is Deleveraging Finally Paying Off?

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>The stock market is likely to advance during the Santa Claus rally window, which began on December 24 and ends January 3.</li>
<li>But the rally is attributed to an oversold bounce and marked by narrow leadership. Either the rebound fizzles in January or broadens into lagging issues.</li>
<li>We identified selected contrarian value opportunities for bulls among Santa’s discards for potential outperformance into January and beyond.</li>
</ul>


The stock market is likely to advance during the Santa Claus rally window, which began on December 24 and ends January 3.
But the rally is attributed to an oversold bounce and marked by narrow leadership. Either the rebound fizzles in January or broadens into lagging issues.
We identified selected contrarian value opportunities for bulls among Santa’s discards for potential outperformance into January and beyond.


Contrarian Bargains Among Santa's Discards

<ul><li>Occidental Petroleum Corporation’s first quarter of 2026 results reflected operational resilience and financial progress amid a volatile macro environment marked notably by geopolitical disruptions in the Middle East.</li><li>The company reported production of 1.426 million barrels of oil equivalent (BOE) per day, exceeding guidance largely due to strong new well performance, uptime in the Permian Basin, Rockies, and Gulf of America, and cost efficiencies, especially in domestic lease operating expenses that improved by 5% relative to guidance.</li><li>Occidental’s focus on a predominantly U.S.-centric portfolio, representing 83% of production and 88% of resources, showcased the company’s strategic pivot toward operating in more stable environments, a move underpinned by a decade of portfolio transformation involving asset divestitures and capital reallocation to core, high-quality, and low-cost positions.</li></ul>

Occidental Petroleum Corporation’s first quarter of 2026 results reflected operational resilience and financial progress amid a volatile macro environment marked notably by geopolitical disruptions in the Middle East.The company reported production of 1.426 million barrels of oil equivalent (BOE) per day, exceeding guidance largely due to strong new well performance, uptime in the Permian Basin, Rockies, and Gulf of America, and cost efficiencies, especially in domestic lease operating expenses that improved by 5% relative to guidance.Occidental’s focus on a predominantly U.S.-centric portfolio, representing 83% of production and 88% of resources, showcased the company’s strategic pivot toward operating in more stable environments, a move underpinned by a decade of portfolio transformation involving asset divestitures and capital reallocation to core, high-quality, and low-cost positions.

Occidental Petroleum: Why Enhanced Oil Recovery Could Become a Major Long-Term Value Driver!

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>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7580-7629 holds.</li>
<li>At the same time, if SPX breaks below 7580 we would look for a 7-10% peak-to-trough decline, while being mindful of support at 7250-7300.</li>
<li>A.I. areas were hit hard yesterday following the "pacing the frontier" developments over the weekend, and we believe caution is warranted on semiconductors, memory, neoclouds, and photonics names.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7580-7629 holds.
At the same time, if SPX breaks below 7580 we would look for a 7-10% peak-to-trough decline, while being mindful of support at 7250-7300.
A.I. areas were hit hard yesterday following the "pacing the frontier" developments over the weekend, and we believe caution is warranted on semiconductors, memory, neoclouds, and photonics names.


Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM

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.

<ul>
<li>OXY’s 7.25% post-earnings selloff was driven by collapsing oil prices, not weak fundamentals. Adjusted EPS beat estimates by roughly 75%, highlighting stronger underlying profitability.</li>
<li>OXY continues to transform its business through aggressive debt reduction, structurally lower costs, and rising free cash flow.</li>
<li>With lower operating costs, improving balance sheet strength, and concentrated U.S. assets, OXY appears better positioned to navigate prolonged commodity and macroeconomic uncertainty.</li>
</ul>


OXY’s 7.25% post-earnings selloff was driven by collapsing oil prices, not weak fundamentals. Adjusted EPS beat estimates by roughly 75%, highlighting stronger underlying profitability.
OXY continues to transform its business through aggressive debt reduction, structurally lower costs, and rising free cash flow.
With lower operating costs, improving balance sheet strength, and concentrated U.S. assets, OXY appears better positioned to navigate prolonged commodity and macroeconomic uncertainty.


Beyond the Selloff: What OXY’s Q1 2026 Results Really Revealed

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’s $3 Billion Cash Flow Quarter — Is Deleveraging Finally Paying Off?

Occidental Petroleum Corporation’s second quarter 2026 results demonstrated operational and financial progress, underscoring the company’s pursuit...

Baptista Research

Contrarian Bargains Among Santa's Discards

We identified selected contrarian value opportunities for bulls among Santa’s discards for potential outperformance into January and beyond.

Cam Hui

Occidental Petroleum: Why Enhanced Oil Recovery Could Become a Major Long-Term Value Driver!

Occidental Petroleum Corporation’s first quarter of 2026 results reflected operational resilience and financial progress amid a volatile macro...

Baptista Research

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM, PBR, REPYY, EC, YPF, UGP, GPRK, GTE, COP, EOG,...

Vermilion Research

Beyond the Selloff: What OXY’s Q1 2026 Results Really Revealed

OXY's post-earnings selloff was due to oil prices, not weak fundamentals. Transformation through debt reduction, lower costs, and rising cash...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Occidental Petroleum’s $3 Billion Cash Flow Quarter — Is Deleveraging Finally Paying Off?

Occidental Petroleum Corporation’s second quarter 2026 results demonstrated operational and financial progress, underscoring the company’s pursuit...

Baptista Research

Contrarian Bargains Among Santa's Discards

We identified selected contrarian value opportunities for bulls among Santa’s discards for potential outperformance into January and beyond.

Cam Hui

Occidental Petroleum: Why Enhanced Oil Recovery Could Become a Major Long-Term Value Driver!

Occidental Petroleum Corporation’s first quarter of 2026 results reflected operational resilience and financial progress amid a volatile macro...

Baptista Research

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM

Wall of Worry Grows Taller; 7580 on SPX Remains Vital. Charts Highlighted: SPX, MAGS, SOXX, DRAM, PBR, REPYY, EC, YPF, UGP, GPRK, GTE, COP, EOG,...

Vermilion Research

Beyond the Selloff: What OXY’s Q1 2026 Results Really Revealed

​OXY's post-earnings selloff was due to oil prices, not weak fundamentals. Transformation through debt reduction, lower costs, and rising cash...

Mint Finance

OXY's post-earnings selloff was due to oil prices, not weak fundamentals. Transformation through debt reduction, lower costs, and rising cash...