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>Cenovus Energy has moved to deepen its position in Canada’s oil sands through a proposed C$5.7 billion cash-and-stock acquisition of Athabasca Oil, extending a consolidation strategy that has already increased its exposure to long-life thermal resources.</li><li>Under the announced terms, Athabasca shareholders would receive C$12.00 per share, with consideration available in cash or Cenovus shares, representing a roughly 14% premium to Athabasca’s 20-day volume-weighted average price.</li><li>The transaction would add approximately 45,000 barrels of oil equivalent per day of production, including roughly 40,000 barrels per day from thermal assets located near Cenovus’ existing operations.</li></ul>

Cenovus Energy has moved to deepen its position in Canada’s oil sands through a proposed C$5.7 billion cash-and-stock acquisition of Athabasca Oil, extending a consolidation strategy that has already increased its exposure to long-life thermal resources.Under the announced terms, Athabasca shareholders would receive C$12.00 per share, with consideration available in cash or Cenovus shares, representing a roughly 14% premium to Athabasca’s 20-day volume-weighted average price.The transaction would add approximately 45,000 barrels of oil equivalent per day of production, including roughly 40,000 barrels per day from thermal assets located near Cenovus’ existing operations.

Cenovus Energy Acquisition Could Turn Athabasca Oil Into A 115,000 Bpd Powerhouse!

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>ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.</li>
<li>We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course</li>
<li>We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.</li>
</ul>


ACWI-US remains above its 2-month base and EAFE(EFA-US) remains above its 5.5+month base, however, 2-week flag patterns have resolved to the downside, giving us reason for pause in the near-term.
We view Tuesday's price action as "a day to take notice" and suggests that the bounce in MSCI EM (EEM-US) and A.I. names since late-July has potentially run its course
We are much more neutral on EEM-US and A.I. names and see more choppiness ahead. We still see plenty of opportunity in non-A.I. names.


Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

<ul><li>Cenovus Energy reported record financial and operational results for the second quarter of 2026, driven by strong upstream production, a supportive market environment, and efficient project execution.</li><li>The company’s upstream production averaged over 970,000 barrels of oil equivalent (BOE) per day during the quarter, surpassing previous records, with oil sands production exceeding 786,000 barrels per day.</li><li>Production momentum continued into July, with monthly output expected to surpass one million BOE per day for the first time, primarily boosted by exceptional performance at the Christina Lake asset, including contributions from the Narrows Lake expansion, which has exceeded expectations with production surpassing 80,000 barrels per day significantly ahead of schedule.</li></ul>

Cenovus Energy reported record financial and operational results for the second quarter of 2026, driven by strong upstream production, a supportive market environment, and efficient project execution.The company’s upstream production averaged over 970,000 barrels of oil equivalent (BOE) per day during the quarter, surpassing previous records, with oil sands production exceeding 786,000 barrels per day.Production momentum continued into July, with monthly output expected to surpass one million BOE per day for the first time, primarily boosted by exceptional performance at the Christina Lake asset, including contributions from the Narrows Lake expansion, which has exceeded expectations with production surpassing 80,000 barrels per day significantly ahead of schedule.

Cenovus Energy Nears 1 Million BOE Per Day — A Pivotal Production Milestone!

<ul><li>Cenovus Energy reported strong operational and financial results for the first quarter of 2026, driven by robust upstream production and resilient downstream refining performance.</li><li>The company achieved upstream production exceeding 972,000 barrels of oil equivalent (BOE) per day, supported by record oil sands volumes following the full integration of the MEG acquisition.</li><li>Key oil sands assets, including Christina Lake, Narrows Lake, Foster Creek, Sunrise, and the Lloydminster Thermal operations, continued to deliver increasing production levels, with several projects ramping up ahead of schedule and exceeding internal expectations.</li></ul>

Cenovus Energy reported strong operational and financial results for the first quarter of 2026, driven by robust upstream production and resilient downstream refining performance.The company achieved upstream production exceeding 972,000 barrels of oil equivalent (BOE) per day, supported by record oil sands volumes following the full integration of the MEG acquisition.Key oil sands assets, including Christina Lake, Narrows Lake, Foster Creek, Sunrise, and the Lloydminster Thermal operations, continued to deliver increasing production levels, with several projects ramping up ahead of schedule and exceeding internal expectations.

Cenovus Energy’s 972,000-BOE Production Surge: Can The Momentum Hold?

William Demant Holding A/S / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>No reason to be anything but bullish if ACWI-US is above its 2-month base at $158-$159, ACWX-US is above $76-$76.50, and EFA-US is above its 6-month base at $105-$105.50.</li>
<li>These levels are being tested now; we expect these levels to hold, and we would get more cautious if they break.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
No reason to be anything but bullish if ACWI-US is above its 2-month base at $158-$159, ACWX-US is above $76-$76.50, and EFA-US is above its 6-month base at $105-$105.50.
These levels are being tested now; we expect these levels to hold, and we would get more cautious if they break.


MSCI ACWI Testing Base Support; Focus on Non-A.I. Areas: Energy, Shipping, Healthcare,Software,Telco

Canada

Cenovus Energy Inc. operates as an oil and gas company. The Company focuses on production of integrated oils. Cenovus Energy serves clients in Canada.

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Cenovus Energy (CVE US)

Cenovus Energy Acquisition Could Turn Athabasca Oil Into A 115,000 Bpd Powerhouse!

Cenovus Energy has moved to deepen its position in Canada’s oil sands through a proposed C$5.7 billion cash-and-stock acquisition of Athabasca...

Baptista Research

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys: Energy, Healthcare, Shipping

Still Plenty of Opportunity in Non-A.I. Names; A.I. Bounce Over?; Buys in Energy $XLE $FTI $CVE $CNQ, Health Care, and Marine Shipping. Tuesday's...

Vermilion Research

Cenovus Energy Nears 1 Million BOE Per Day — A Pivotal Production Milestone!

Cenovus Energy reported record financial and operational results for the second quarter of 2026, driven by strong upstream production, a...

Baptista Research

Cenovus Energy’s 972,000-BOE Production Surge: Can The Momentum Hold?

Cenovus Energy reported strong operational and financial results for the first quarter of 2026, driven by robust upstream production and resilient...

Baptista Research

MSCI ACWI Testing Base Support; Focus on Non-A.I. Areas: Energy, Shipping, Healthcare,Software,Telco

MSCI $ACWI Testing Base Support ($158-$159 and $156.50); Focusing on Non-A.I. Areas. Actionable Themes: Energy, Marine Shipping, Services, Health...

Vermilion Research

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