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>Crescent Energy is expanding its acquisition-driven growth strategy with a definitive agreement announced on October 8, 2026, to acquire the Eagle Ford assets of Devon Energy for $4.22 billion in cash, subject to customary adjustments.</li><li>Crescent estimates a net purchase price of approximately $3.85 billion after adjustments associated with the July 1 economic effective date.</li><li>The transaction adds approximately 68,000 barrels of oil equivalent per day (Boe/d) of production, around 90,000 net acres, and more than 600 Tier 1 drilling locations, substantially strengthening Crescent’s South Texas footprint.</li></ul>

Crescent Energy is expanding its acquisition-driven growth strategy with a definitive agreement announced on October 8, 2026, to acquire the Eagle Ford assets of Devon Energy for $4.22 billion in cash, subject to customary adjustments.Crescent estimates a net purchase price of approximately $3.85 billion after adjustments associated with the July 1 economic effective date.The transaction adds approximately 68,000 barrels of oil equivalent per day (Boe/d) of production, around 90,000 net acres, and more than 600 Tier 1 drilling locations, substantially strengthening Crescent’s South Texas footprint.

Crescent Energy’s $4.2 Billion Devon Acquisition: A $140 Million Synergy Opportunity?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Decline in global exploration puts future energy supplies partially at risk.</li><li>Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate of 1.6 million barrels per day.</li><li>Despite the near-term demand concerns, continued relatively low levels of exploration spending could result in future oil supplies below global demand. </li></ul>

Decline in global exploration puts future energy supplies partially at risk.Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate of 1.6 million barrels per day.Despite the near-term demand concerns, continued relatively low levels of exploration spending could result in future oil supplies below global demand. 

Energy Roundup : Oil Prices Advance Ever Higher

<ul><li>Residential electricity price spike shines a light on data center power usage. </li><li>Residential electricity prices rose sharply across much of the US between 2021 and 2025, with a meaningful number of utilities recording compound annual growth rates well above general inflation.</li><li>The Electric Power Monthly report published by the Energy Information Administration shows that US average residential electricity rates increased 6.1% per year during 2021-2025 and has jumped another ~9% so far this year (Figure 1). </li></ul>

Residential electricity price spike shines a light on data center power usage. Residential electricity prices rose sharply across much of the US between 2021 and 2025, with a meaningful number of utilities recording compound annual growth rates well above general inflation.The Electric Power Monthly report published by the Energy Information Administration shows that US average residential electricity rates increased 6.1% per year during 2021-2025 and has jumped another ~9% so far this year (Figure 1). 

States Push Back on Data Center Projects; US Military De-Escalation Calms Oil Markets

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Crescent Energy Company (CRGY) is an acquisition-focused oil and gas firm trading at 3.4x EBITDA with a 28% free cash flow yield and a 5% dividend yield.</li><li>Formed in 2021 through the merger of Independence Energy LLC and Contango Oil &amp; Gas, CRGY employs an 'acquire-and-exploit' strategy for growth.</li><li>The company targets a 2x multiple of invested capital with payback periods of less than five years for acquisitions and three years for drilling, while managing cash flow prudently.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Crescent Energy Company (CRGY) is an acquisition-focused oil and gas firm trading at 3.4x EBITDA with a 28% free cash flow yield and a 5% dividend yield.Formed in 2021 through the merger of Independence Energy LLC and Contango Oil &amp; Gas, CRGY employs an 'acquire-and-exploit' strategy for growth.The company targets a 2x multiple of invested capital with payback periods of less than five years for acquisitions and three years for drilling, while managing cash flow prudently.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Crescent Energy Co (CRGY) - Friday, Jun 20, 2025

<ul><li>Crescent Energy (NYSE:CRGY) is reportedly in advanced talks to acquire Vital Energy (NASDAQ:VTLE), a deal that could significantly bolster its footprint in the Permian Basin—America’s most prolific oil-producing region.</li><li>While the transaction is still under negotiation and not guaranteed, industry sources indicate a deal could be announced as soon as next week.</li><li>Vital Energy, with a market cap of approximately $600 million and carrying $2.3 billion in long-term debt, has seen its stock jump over 7% on acquisition speculation, while Crescent dipped slightly.</li></ul>

Crescent Energy (NYSE:CRGY) is reportedly in advanced talks to acquire Vital Energy (NASDAQ:VTLE), a deal that could significantly bolster its footprint in the Permian Basin—America’s most prolific oil-producing region.While the transaction is still under negotiation and not guaranteed, industry sources indicate a deal could be announced as soon as next week.Vital Energy, with a market cap of approximately $600 million and carrying $2.3 billion in long-term debt, has seen its stock jump over 7% on acquisition speculation, while Crescent dipped slightly.

Crescent Energy Eyes Vital Energy: The $600 Million Shale Move That Could Redraw Permian Power Maps!

United States

Crescent Energy Inc. operates as an energy investment company. The Company focuses on operated oil and gas assets and non-operated assets, mineral and royalty interests and midstream infrastructure. Crescent Energy serves customers in the United States.

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Crescent Energy (CRGY US)

Crescent Energy’s $4.2 Billion Devon Acquisition: A $140 Million Synergy Opportunity?

Crescent Energy is expanding its acquisition-driven growth strategy with a definitive agreement announced on October 8, 2026, to acquire the Eagle...

Baptista Research

Energy Roundup : Oil Prices Advance Ever Higher

Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate...

Water Tower Research

States Push Back on Data Center Projects; US Military De-Escalation Calms Oil Markets

Residential electricity prices rose sharply across much of the US between 2021 and 2025, with a meaningful number of utilities recording compound...

Water Tower Research

Crescent Energy Co (CRGY) - Friday, Jun 20, 2025

Crescent Energy Company (CRGY), an acquisition-focused oil and gas firm, trades at 3.4x EBITDA, offers a 28% free cash flow yield, and prioritizes...

Value Investors Club (VIC)

Crescent Energy Eyes Vital Energy: The $600 Million Shale Move That Could Redraw Permian Power Maps!

Crescent Energy (NYSE:CRGY) is reportedly in advanced talks to acquire Vital Energy (NASDAQ:VTLE), a deal that could significantly bolster its...

Baptista Research

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