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>ChampionX Corporation's fourth quarter and full year 2023 earnings illustrate a mixed performance with strong achievements in key financial metrics but also highlight some challenges.</li><li>The company experienced a year of continued strong earnings momentum, with a 25% growth in adjusted EBITDA and a 430 basis point expansion in adjusted EBITDA margin, culminating in their highest performance levels since their 2020 merger.</li><li>ChampionX's success in converting 53% of adjusted EBITDA to free cash flow, returning 83% of that to shareholders, underscores its effective capital management and commitment to shareholder returns.</li></ul>

ChampionX Corporation's fourth quarter and full year 2023 earnings illustrate a mixed performance with strong achievements in key financial metrics but also highlight some challenges.The company experienced a year of continued strong earnings momentum, with a 25% growth in adjusted EBITDA and a 430 basis point expansion in adjusted EBITDA margin, culminating in their highest performance levels since their 2020 merger.ChampionX's success in converting 53% of adjusted EBITDA to free cash flow, returning 83% of that to shareholders, underscores its effective capital management and commitment to shareholder returns.

ChampionX: An Insight Into Its Advancements in Digital & Emissions Technologies & Other Major Drivers!

<ul><li>ChampionX Corporation's fourth quarter and full-year 2023 financial results demonstrate robust operational performance coupled with strategic capital allocation.</li><li>The company successfully capitalized on its well-diversified portfolio, achieving significant growth in key financial metrics post its merger in 2020.</li><li>Highlighting the positives, ChampionX recorded a 25% growth in adjusted EBITDA and expanded its adjusted EBITDA margin by 430 basis points, showcasing strong earnings momentum.</li></ul>

ChampionX Corporation's fourth quarter and full-year 2023 financial results demonstrate robust operational performance coupled with strategic capital allocation.The company successfully capitalized on its well-diversified portfolio, achieving significant growth in key financial metrics post its merger in 2020.Highlighting the positives, ChampionX recorded a 25% growth in adjusted EBITDA and expanded its adjusted EBITDA margin by 430 basis points, showcasing strong earnings momentum.

ChampionX Corporation: Can It Capitalize On The Increasing Demand for Artificial Lift & Production Optimization Solutions?

<ul><li>ChampionX Corporation delivered a mixed set of results in the fourth quarter and full year 2023, revealing both strengths and challenges in its financial performance and market position.</li><li>The company reported fourth-quarter revenue of $944 million, which was slightly up sequentially but 4% lower year-over-year, reflecting the impacts of softer U.S. land drilling and completions activity.</li><li>However, the company's adjusted EBITDA remained flat from the previous quarter at $198 million, marking a 10% increase over the prior year, driven by higher volumes, productivity, and cost management.</li></ul>

ChampionX Corporation delivered a mixed set of results in the fourth quarter and full year 2023, revealing both strengths and challenges in its financial performance and market position.The company reported fourth-quarter revenue of $944 million, which was slightly up sequentially but 4% lower year-over-year, reflecting the impacts of softer U.S. land drilling and completions activity.However, the company's adjusted EBITDA remained flat from the previous quarter at $198 million, marking a 10% increase over the prior year, driven by higher volumes, productivity, and cost management.

ChampionX Corporation: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

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.

Commodities

<ul>
<li>For the week ending 24/Jan, US crude inventories increased by 3.5m barrels, missing expectations of a 2.2m barrel build. Gasoline stockpiles rose, while distillate stocks fell more than expected.</li>
<li>US natural gas inventories fell by 321 Bcf for the week ending 24/Jan, beating analyst expectations of a 317 Bcf drawdown. Inventories are 4.1% below the 5-year seasonal average.</li>
<li>Shell’s Q4 adjusted earnings dropped 38.3% QoQ and 49.9% YoY, missing estimates due to weak margins and oil prices. HSBC raised its PT on Chevron but cut it for Exxon.</li>
</ul>


For the week ending 24/Jan, US crude inventories increased by 3.5m barrels, missing expectations of a 2.2m barrel build. Gasoline stockpiles rose, while distillate stocks fell more than expected.
US natural gas inventories fell by 321 Bcf for the week ending 24/Jan, beating analyst expectations of a 317 Bcf drawdown. Inventories are 4.1% below the 5-year seasonal average.
Shell’s Q4 adjusted earnings dropped 38.3% QoQ and 49.9% YoY, missing estimates due to weak margins and oil prices. HSBC raised its PT on Chevron but cut it for Exxon.


[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

<ul><li>ChampionX Corporation recently discussed their fourth quarter and full year 2023 earnings, revealing a mix of achievements and strategic initiatives that position the company for future growth while acknowledging some market challenges.</li><li>The company reported a solid performance for the fiscal year 2023, marking significant financial milestones.</li><li>ChampionX expanded its adjusted EBITDA margin by 430 basis points and achieved a 25% growth in adjusted EBITDA.</li></ul>

ChampionX Corporation recently discussed their fourth quarter and full year 2023 earnings, revealing a mix of achievements and strategic initiatives that position the company for future growth while acknowledging some market challenges.The company reported a solid performance for the fiscal year 2023, marking significant financial milestones.ChampionX expanded its adjusted EBITDA margin by 430 basis points and achieved a 25% growth in adjusted EBITDA.

ChampionX Corporation: Initiation Of Coverage - Its Distinct Competitive Edge Makes Us Bullish! - Major Drivers

United States

Championx Corporation provides energy solutions. The Company focuses on upstream & midstream oilfield technology such as chemistry programs and drilling activities. Championx serves customers worldwide.

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ChampionX (CHX US)

ChampionX: An Insight Into Its Advancements in Digital & Emissions Technologies & Other Major Drivers!

ChampionX Corporation's fourth quarter and full year 2023 earnings illustrate a mixed performance with strong achievements in key financial...

Baptista Research

ChampionX Corporation: Can It Capitalize On The Increasing Demand for Artificial Lift & Production Optimization Solutions?

ChampionX Corporation's fourth quarter and full-year 2023 financial results demonstrate robust operational performance coupled with strategic...

Baptista Research

ChampionX Corporation: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

ChampionX Corporation delivered a mixed set of results in the fourth quarter and full year 2023, revealing both strengths and challenges in its...

Baptista Research

[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

Mint Finance

ChampionX Corporation: Initiation Of Coverage - Its Distinct Competitive Edge Makes Us Bullish! - Major Drivers

ChampionX Corporation recently discussed their fourth quarter and full year 2023 earnings, revealing a mix of achievements and strategic...

Baptista Research

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Market Cap (USDm)

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ChampionX: An Insight Into Its Advancements in Digital & Emissions Technologies & Other Major Drivers!

ChampionX Corporation's fourth quarter and full year 2023 earnings illustrate a mixed performance with strong achievements in key financial...

Baptista Research

ChampionX Corporation: Can It Capitalize On The Increasing Demand for Artificial Lift & Production Optimization Solutions?

ChampionX Corporation's fourth quarter and full-year 2023 financial results demonstrate robust operational performance coupled with strategic...

Baptista Research

ChampionX Corporation: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

ChampionX Corporation delivered a mixed set of results in the fourth quarter and full year 2023, revealing both strengths and challenges in its...

Baptista Research

[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

​US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

Mint Finance

ChampionX Corporation: Initiation Of Coverage - Its Distinct Competitive Edge Makes Us Bullish! - Major Drivers

ChampionX Corporation recently discussed their fourth quarter and full year 2023 earnings, revealing a mix of achievements and strategic...

Baptista Research

US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...