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>Atmos Energy Corporation reported net income of $1.2 billion or $7.33 per diluted share for the first nine months of fiscal 2026, reflecting a 14.5% increase compared to the prior year.</li><li>The company reaffirmed its full-year earnings per share guidance of $8.40 to $8.50.</li><li>Capital expenditures totaled $3.1 billion year-to-date, with approximately 87% allocated to enhancing safety, reliability, and the integrity of its distribution, transmission, and underground storage infrastructure.</li></ul>

Atmos Energy Corporation reported net income of $1.2 billion or $7.33 per diluted share for the first nine months of fiscal 2026, reflecting a 14.5% increase compared to the prior year.The company reaffirmed its full-year earnings per share guidance of $8.40 to $8.50.Capital expenditures totaled $3.1 billion year-to-date, with approximately 87% allocated to enhancing safety, reliability, and the integrity of its distribution, transmission, and underground storage infrastructure.

Atmos Energy’s Hidden Texas Growth Engine — 39,000 New Customers Added!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/atmos-energy-corp">Atmos Energy</a> represents a pure-play, fully regulated natural gas utility with a clear and visible growth trajectory, driven by substantial, safety-focused capital investments into its infrastructure.</li>
  <li>The company's strategy is centered on a significant multi-year capital expenditure program, expected to be ~$26 billion from FY2026-FY2030, which is projected to nearly double its rate base and directly fuel earnings per share growth.</li>
  <li>With a long history of consistent dividend increases and a supportive regulatory framework that allows for timely cost recovery, Atmos offers a compelling total return proposition for income-oriented investors, balanced by the risks of regulatory shifts and the financial demands of its large-scale investment plan.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Atmos Energy represents a pure-play, fully regulated natural gas utility with a clear and visible growth trajectory, driven by substantial, safety-focused capital investments into its infrastructure.
  The company's strategy is centered on a significant multi-year capital expenditure program, expected to be ~$26 billion from FY2026-FY2030, which is projected to nearly double its rate base and directly fuel earnings per share growth.
  With a long history of consistent dividend increases and a supportive regulatory framework that allows for timely cost recovery, Atmos offers a compelling total return proposition for income-oriented investors, balanced by the risks of regulatory shifts and the financial demands of its large-scale investment plan.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Atmos Energy Corporation reported net income of $985 million or $5.92 per diluted share for the first six months of fiscal 2026, representing a 12.5% increase over the prior year period.</li><li>The company updated its fiscal 2026 earnings per share guidance range to $8.40 to $8.50, reflecting improved visibility into regulatory impacts and operational performance.</li><li>Capital expenditures for the first half of the year totaled $2 billion, with approximately 89% allocated toward enhancing safety and reliability across distribution, transmission, and underground storage systems.</li></ul>

Atmos Energy Corporation reported net income of $985 million or $5.92 per diluted share for the first six months of fiscal 2026, representing a 12.5% increase over the prior year period.The company updated its fiscal 2026 earnings per share guidance range to $8.40 to $8.50, reflecting improved visibility into regulatory impacts and operational performance.Capital expenditures for the first half of the year totaled $2 billion, with approximately 89% allocated toward enhancing safety and reliability across distribution, transmission, and underground storage systems.

Atmos Energy’s $985 Million First-Half Surge: Can Rate Filings Keep The Momentum?

<ul><li>Atmos Energy Corporation reported a strong fiscal 2025 performance, achieving a diluted earnings per share (EPS) of $7.46, marking the 23rd consecutive year of EPS growth and the 41st consecutive year of dividend growth.</li><li>The company's results signify successful execution of its strategy focusing on modernization and reliability of its natural gas systems, coupled with a commitment to safety and service expansion.</li><li>Positive outcomes of the fiscal year include substantial customer growth, with approximately 57,000 new residential customers and expansions in the commercial and industrial sectors, suggesting increased demand and confidence in natural gas as a key energy source.</li></ul>

Atmos Energy Corporation reported a strong fiscal 2025 performance, achieving a diluted earnings per share (EPS) of $7.46, marking the 23rd consecutive year of EPS growth and the 41st consecutive year of dividend growth.The company's results signify successful execution of its strategy focusing on modernization and reliability of its natural gas systems, coupled with a commitment to safety and service expansion.Positive outcomes of the fiscal year include substantial customer growth, with approximately 57,000 new residential customers and expansions in the commercial and industrial sectors, suggesting increased demand and confidence in natural gas as a key energy source.

Atmos Energy: Is Texas House Bill 4384 the Game-Changer Investors Have Waited For?

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>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

United States

Atmos Energy Corporation distributes natural gas to utility customers in several states.  The Company's non-utility operations span various states and provide natural gas marketing and procurement services to large customers.  Atmos Energy also manages company-owned natural gas storage and pipeline assets, including an intrastate natural gas pipeline in Texas.

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Atmos Energy (ATO US)

Atmos Energy’s Hidden Texas Growth Engine — 39,000 New Customers Added!

Atmos Energy Corporation reported net income of $1.2 billion or $7.33 per diluted share for the first nine months of fiscal 2026, reflecting a...

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αSK Primers

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Atmos Energy Corporation reported net income of $985 million or $5.92 per diluted share for the first six months of fiscal 2026, representing a...

Baptista Research

Atmos Energy: Is Texas House Bill 4384 the Game-Changer Investors Have Waited For?

Atmos Energy Corporation reported a strong fiscal 2025 performance, achieving a diluted earnings per share (EPS) of $7.46, marking the 23rd...

Baptista Research

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

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