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>Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational execution, and financial discipline.</li><li>The company remains on track to meet its full-year earnings guidance, supported by a nearly $1 billion capital investment plan aimed at serving the increasing energy demands of its customer base across eight states.</li><li>Financially, Black Hills Corporation delivered GAAP earnings per share (EPS) of $0.50 for the quarter, which adjusted to $0.54 excluding $0.04 of merger-related expenses.</li></ul>

Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational execution, and financial discipline.The company remains on track to meet its full-year earnings guidance, supported by a nearly $1 billion capital investment plan aimed at serving the increasing energy demands of its customer base across eight states.Financially, Black Hills Corporation delivered GAAP earnings per share (EPS) of $0.50 for the quarter, which adjusted to $0.54 excluding $0.04 of merger-related expenses.

Black Hills’ NorthWestern Energy Merger Nears The Finish Line With Six Of Seven Approvals Secured!

<ul><li>Black Hills Corporation reported first quarter 2026 results that largely aligned with expectations despite challenges from unusually warm winter weather, which negatively affected demand and earnings.</li><li>The company’s GAAP EPS was $1.73, including $0.05 per share in merger-related transaction costs; adjusted EPS was $1.79 compared to $1.87 in Q1 2025.</li><li>The weather impact reduced earnings by approximately $0.18 per share year-over-year, reflecting $0.13 unfavorable variance from normal weather assumptions.</li></ul>

Black Hills Corporation reported first quarter 2026 results that largely aligned with expectations despite challenges from unusually warm winter weather, which negatively affected demand and earnings.The company’s GAAP EPS was $1.73, including $0.05 per share in merger-related transaction costs; adjusted EPS was $1.79 compared to $1.87 in Q1 2025.The weather impact reduced earnings by approximately $0.18 per share year-over-year, reflecting $0.13 unfavorable variance from normal weather assumptions.

Black Hills’ 3-Gigawatt Data Center Pipeline: Can Cheyenne Redefine Growth?

<ul><li>Black Hills Corporation reported financial and operational results for 2025, delivering on its guidance with adjusted earnings per share (EPS) of $4.10, representing a 5% increase over 2024.</li><li>The company achieved the midpoint of its earnings guidance and maintained strong investment-grade credit ratings while executing a $900 million capital investment plan.</li><li>Key earnings drivers included regulatory rate increases and rider recoveries, alongside growth in customer demand, notably from large load customers such as data centers.</li></ul>

Black Hills Corporation reported financial and operational results for 2025, delivering on its guidance with adjusted earnings per share (EPS) of $4.10, representing a 5% increase over 2024.The company achieved the midpoint of its earnings guidance and maintained strong investment-grade credit ratings while executing a $900 million capital investment plan.Key earnings drivers included regulatory rate increases and rider recoveries, alongside growth in customer demand, notably from large load customers such as data centers.

Black Hills Corporation: A 3GW Data Center Pipeline Could Reshape Its Earnings Profile—What Comes Next?

<ul><li>Black Hills Corporation reported strong third-quarter 2025 financial results, reaffirming its earnings guidance and highlighting key operational and strategic achievements.</li><li>The company emphasized its commitment to delivering on financial, regulatory, and growth initiatives, while also progressing with a merger with NorthWestern Energy.</li><li>Black Hills is on track to achieve its full-year earnings guidance, driven by new base rates, rider recovery, and customer growth.</li></ul>

Black Hills Corporation reported strong third-quarter 2025 financial results, reaffirming its earnings guidance and highlighting key operational and strategic achievements.The company emphasized its commitment to delivering on financial, regulatory, and growth initiatives, while also progressing with a merger with NorthWestern Energy.Black Hills is on track to achieve its full-year earnings guidance, driven by new base rates, rider recovery, and customer growth.

Black Hills Corporation Eyes a Mega 3GW Pipeline—A High-Voltage Opportunity Or Just Unnecessary Hype?

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>The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.</li>
<li>We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.</li>
<li>After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels </li>
</ul>


The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.
We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.
After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels 


Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

United States

Black Hills Corporation is a diversified energy company.  The Company generates wholesale electricity, produce natural gas, oil and coal, and market energy. Black Hills serves customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Black Hills (BKH US)

Black Hills’ NorthWestern Energy Merger Nears The Finish Line With Six Of Seven Approvals Secured!

Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational...

Baptista Research

Black Hills’ 3-Gigawatt Data Center Pipeline: Can Cheyenne Redefine Growth?

Black Hills Corporation reported first quarter 2026 results that largely aligned with expectations despite challenges from unusually warm winter...

Baptista Research

Black Hills Corporation: A 3GW Data Center Pipeline Could Reshape Its Earnings Profile—What Comes Next?

Black Hills Corporation reported financial and operational results for 2025, delivering on its guidance with adjusted earnings per share (EPS) of...

Baptista Research

Black Hills Corporation Eyes a Mega 3GW Pipeline—A High-Voltage Opportunity Or Just Unnecessary Hype?

Black Hills Corporation reported strong third-quarter 2025 financial results, reaffirming its earnings guidance and highlighting key operational...

Baptista Research

Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Upgrading Utilities $XLU to Overweight; Many Indexes Testing Resistance $SPX $DJI $IJH $IWM $XRT $EEM; Expecting SPX to Roll Over; $NVDA and $SMH...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)