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>Dominion Energy is accelerating into one of the most consequential growth phases in its history, with data centerdriven load growth, multibillion dollar transmission expansions, and the 2.6 gigawatt Coastal Virginia Offshore Wind (CVOW) project advancing toward first power in early 2026.</li><li>Now, reports indicate that Dominion is exploring a potential acquisition of Northern Virginia Electric Cooperative (NOVEC), a move that would deepen its footprint in the world’s busiest data center corridor—Loudoun County’s “Data Center Alley.” The timing is notable: Dominion disclosed that contracted and in process data center demand has surged to roughly 47 gigawatts, up 17% since year end 2024, while the company simultaneously works through major regulatory, financing, and construction milestones across its portfolio.</li><li>Dominion and NOVEC already share deeply interconnected transmission infrastructure, and NOVEC’s customer mix—where data centers account for roughly two thirds of electricity sales—aligns with Dominion’s strategy to serve rapidly rising AI related load.</li></ul>

Dominion Energy is accelerating into one of the most consequential growth phases in its history, with data centerdriven load growth, multibillion dollar transmission expansions, and the 2.6 gigawatt Coastal Virginia Offshore Wind (CVOW) project advancing toward first power in early 2026.Now, reports indicate that Dominion is exploring a potential acquisition of Northern Virginia Electric Cooperative (NOVEC), a move that would deepen its footprint in the world’s busiest data center corridor—Loudoun County’s “Data Center Alley.” The timing is notable: Dominion disclosed that contracted and in process data center demand has surged to roughly 47 gigawatts, up 17% since year end 2024, while the company simultaneously works through major regulatory, financing, and construction milestones across its portfolio.Dominion and NOVEC already share deeply interconnected transmission infrastructure, and NOVEC’s customer mix—where data centers account for roughly two thirds of electricity sales—aligns with Dominion’s strategy to serve rapidly rising AI related load.

Dominion Energy Is Targeting NOVEC—Here’s Why That Should Get Everyone’s Attention!

<ul><li>Dominion Energy recently provided an update on its fourth quarter 2024 earnings, revealing a nuanced financial and operational picture.</li><li>The company reported operating earnings of $2.77 per share for the year, situating within the higher end of its guidance, despite adverse weather conditions.</li><li>GAAP earnings stood at $2.44 per share, contrasting with $0.58 for the fourth quarter operating earnings.</li></ul>

Dominion Energy recently provided an update on its fourth quarter 2024 earnings, revealing a nuanced financial and operational picture.The company reported operating earnings of $2.77 per share for the year, situating within the higher end of its guidance, despite adverse weather conditions.GAAP earnings stood at $2.44 per share, contrasting with $0.58 for the fourth quarter operating earnings.

Dominion Energy: Expansion of Data Centers in Virginia to Solidify Foothold In the Burgeoning Sector!

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>In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.</li>
<li>We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.</li>
</ul>


In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.


S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

<ul><li>Dominion Energy's latest quarterly earnings outline a blend of strategic positioning and operational challenges for the company.</li><li>The company reports operating earnings of $0.98 per share for the third quarter, alongside GAAP earnings of $1.12 per share.</li><li>With nine months of results in, full-year earnings guidance has been slightly narrowed to a range of $2.68 to $2.83 per share, maintaining a midpoint of $2.75.</li></ul>

Dominion Energy's latest quarterly earnings outline a blend of strategic positioning and operational challenges for the company.The company reports operating earnings of $0.98 per share for the third quarter, alongside GAAP earnings of $1.12 per share.With nine months of results in, full-year earnings guidance has been slightly narrowed to a range of $2.68 to $2.83 per share, maintaining a midpoint of $2.75.

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

<ul>
<li>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

United States

Dominion Energy, Inc. produces and transports energy products. The Company offers natural gas and electric energy transmission, gathering, and storage solutions. Dominion Energy serves customers in the United States.

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Dominion Energy Inc (D US)

Dominion Energy Is Targeting NOVEC—Here’s Why That Should Get Everyone’s Attention!

Dominion Energy is accelerating into one of the most consequential growth phases in its history, with data centerdriven load growth, multibillion...

Baptista Research

Dominion Energy: Expansion of Data Centers in Virginia to Solidify Foothold In the Burgeoning Sector!

Dominion Energy recently provided an update on its fourth quarter 2024 earnings, revealing a nuanced financial and operational picture. The...

Baptista Research

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

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

Dominion Energy's latest quarterly earnings outline a blend of strategic positioning and operational challenges for the company. The company...

Baptista Research

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

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