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>Devon Energy recently announced its fourth-quarter and full-year 2025 financial results.</li><li>The quarter showcased robust performance, alongside strategic advancements, notably including the significant merger with Coterra Energy.</li><li>This merger is expected to substantially enhance Devon's position in U.S. shale production with a focus on the Delaware Basin.</li></ul>

Devon Energy recently announced its fourth-quarter and full-year 2025 financial results.The quarter showcased robust performance, alongside strategic advancements, notably including the significant merger with Coterra Energy.This merger is expected to substantially enhance Devon's position in U.S. shale production with a focus on the Delaware Basin.

Can Devon Energy Capture $1 Billion Synergies By 2027?

<ul><li>Devon Energy just announced a $21.4 billion all-stock acquisition of Coterra, positioning itself as one of the largest U.S. shale producers.</li><li>While the headline deal size grabbed attention, the real story lies beneath the surface—in operational overlaps that could alter Devon’s cost structure and long-term margins.</li><li>The market sees a bloated transaction funded by undervalued equity.</li></ul>

Devon Energy just announced a $21.4 billion all-stock acquisition of Coterra, positioning itself as one of the largest U.S. shale producers.While the headline deal size grabbed attention, the real story lies beneath the surface—in operational overlaps that could alter Devon’s cost structure and long-term margins.The market sees a bloated transaction funded by undervalued equity.

An Insight Into The Devon Energy + Coterra $21.4 Billion Merger — Is Their MOAT May Be Getting Thinner?

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned 4.1% vs. MSCI World (4.2%) – underperformed the benchmark by -0.1%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned 4.1% vs. MSCI World (4.2%) – underperformed the benchmark by -0.1%.

Global Competitive Barrier (Shariah) Portfolio (18-Aug-2026)

<ul><li>Devon Energy reported solid results for the third quarter of 2025, showcasing a robust performance across critical operational and financial metrics.</li><li>The company exceeded its guidance on numerous fronts, including production, operating costs, and capital efficiency, highlighting strong asset quality and commitment to operational discipline.</li><li>A primary focus of Devon Energy's strategy this quarter was its business optimization plan, with a goal to generate an additional $1 billion in annual pretax free cash flow.</li></ul>

Devon Energy reported solid results for the third quarter of 2025, showcasing a robust performance across critical operational and financial metrics.The company exceeded its guidance on numerous fronts, including production, operating costs, and capital efficiency, highlighting strong asset quality and commitment to operational discipline.A primary focus of Devon Energy's strategy this quarter was its business optimization plan, with a goal to generate an additional $1 billion in annual pretax free cash flow.

Devon Energy: Strengthened Low-Cost Portfolio & Capital Allocation Focused on the Delaware Basin Yielding Results?

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>Last week we discussed how evidence was pointing to a major low at 5500-5600 on the SPX, but now it appears more likely to just have been a local low</li>
<li>Market dynamics have continued to deteriorate to the point where we no longer see this as a buying opportunity.</li>
<li>We are cautious and would get defensive as long as the S&amp;P 500 is below 5770-5780 and its 200-day MA; we believe we are in a "sell rallies" regime</li>
</ul>


Last week we discussed how evidence was pointing to a major low at 5500-5600 on the SPX, but now it appears more likely to just have been a local low
Market dynamics have continued to deteriorate to the point where we no longer see this as a buying opportunity.
We are cautious and would get defensive as long as the S&amp;P 500 is below 5770-5780 and its 200-day MA; we believe we are in a "sell rallies" regime


Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology

United States

Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

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Devon Energy (DVN US)

Can Devon Energy Capture $1 Billion Synergies By 2027?

Devon Energy recently announced its fourth-quarter and full-year 2025 financial results. The quarter showcased robust performance, alongside...

Baptista Research

An Insight Into The Devon Energy + Coterra $21.4 Billion Merger — Is Their MOAT May Be Getting Thinner?

Devon Energy just announced a $21.4 billion all-stock acquisition of Coterra, positioning itself as one of the largest U.S. shale producers. While...

Baptista Research

Global Competitive Barrier (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant. By adopting a portfolio of...

Crea8

Devon Energy: Strengthened Low-Cost Portfolio & Capital Allocation Focused on the Delaware Basin Yielding Results?

Devon Energy reported solid results for the third quarter of 2025, showcasing a robust performance across critical operational and financial...

Baptista Research

Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology

Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy $XLE to Market Weight; Downgrading Technology $XLK to Underweight; Cautious if...

Vermilion Research

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