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>The APA Corporation's first quarter 2026 financial and operational results depict a continuation of its strategic execution amid a volatile global energy environment.</li>
<li>The company maintains its focus on three primary priorities: delivering strong operational performance, building and optimizing a high-quality portfolio, and exercising financial discipline.</li>
<li>These are reflected in its ongoing efforts to increase capital efficiency, advance production reliability, and strengthen cost management across its core assets, notably in the Permian Basin and Egypt.</li>
</ul>


The APA Corporation's first quarter 2026 financial and operational results depict a continuation of its strategic execution amid a volatile global energy environment.
The company maintains its focus on three primary priorities: delivering strong operational performance, building and optimizing a high-quality portfolio, and exercising financial discipline.
These are reflected in its ongoing efforts to increase capital efficiency, advance production reliability, and strengthen cost management across its core assets, notably in the Permian Basin and Egypt.


Can APA Corporation’s Permian Efficiency Gains Sustain Production Momentum?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<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>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.</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.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

<ul>
<li>APA Corporation's third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.</li>
<li>They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.</li>
<li>In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.</li>
</ul>


APA Corporation's third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.


APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?

<ul>
<li>The second quarter of 2025 was notable for APA Corporation, reflecting significant operational and financial strides.</li>
<li>The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.</li>
<li>The quarter's performance benefited from asset sales in New Mexico and effective trading operations, and the company noted a marked improvement in operational efficiency across its portfolio.</li>
</ul>


The second quarter of 2025 was notable for APA Corporation, reflecting significant operational and financial strides.
The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.
The quarter's performance benefited from asset sales in New Mexico and effective trading operations, and the company noted a marked improvement in operational efficiency across its portfolio.


APA Corporation Partners with TotalEnergies—Will This Offshore Alliance Be a Game-Changer?

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>Last week we discussed how evidence was pointing to a major low at 5500-5600 on the SPX, but now it appears more likely to just have been a local low</li>
<li>Market dynamics have continued to deteriorate to the point where we no longer see this as a buying opportunity.</li>
<li>We are cautious and would get defensive as long as the S&amp;P 500 is below 5770-5780 and its 200-day MA; we believe we are in a "sell rallies" regime</li>
</ul>


Last week we discussed how evidence was pointing to a major low at 5500-5600 on the SPX, but now it appears more likely to just have been a local low
Market dynamics have continued to deteriorate to the point where we no longer see this as a buying opportunity.
We are cautious and would get defensive as long as the S&amp;P 500 is below 5770-5780 and its 200-day MA; we believe we are in a "sell rallies" regime


Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology

United States

APA Corporation operates as an oil and gas company. The Company focuses on exploration and production of oil and gas properties. APA serves clients worldwide.

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APA (APA US)

Can APA Corporation’s Permian Efficiency Gains Sustain Production Momentum?

The APA Corporation's first quarter 2026 financial and operational results depict a continuation of its strategic execution amid a volatile global...

Baptista Research

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?

APA Corporation's third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a...

Baptista Research

APA Corporation Partners with TotalEnergies—Will This Offshore Alliance Be a Game-Changer?

The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.

Baptista Research

Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology

Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy $XLE to Market Weight; Downgrading Technology $XLK to Underweight; Cautious if...

Vermilion Research

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