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>Energy Transfer LP's Q3 2025 financial and operational performance demonstrates mixed results.</li><li>From a financial standpoint, the company reported adjusted EBITDA of $3.84 billion, showing a slight decline from $3.96 billion in the third quarter of 2024.</li><li>Without considering nonrecurring items, adjusted EBITDA was relatively stable year-over-year.</li></ul>

Energy Transfer LP's Q3 2025 financial and operational performance demonstrates mixed results.From a financial standpoint, the company reported adjusted EBITDA of $3.84 billion, showing a slight decline from $3.96 billion in the third quarter of 2024.Without considering nonrecurring items, adjusted EBITDA was relatively stable year-over-year.

Energy Transfer: What’s Really Driving Its Explosive Data Center Power Play?

<ul><li>Energy Transfer's performance in the second quarter of 2025 highlighted a balanced mixture of both positive momentum and areas of concern.</li><li>The company reported adjusted EBITDA of $3.9 billion, a slight increase from $3.8 billion in the same period in 2024.</li><li>The growth was fueled by record volumes across several areas, including midstream gathering, crude transportation, NGL transportation, and export volumes, as well as robust usage of NGL fractionators and natural gas pipelines.</li></ul>

Energy Transfer's performance in the second quarter of 2025 highlighted a balanced mixture of both positive momentum and areas of concern.The company reported adjusted EBITDA of $3.9 billion, a slight increase from $3.8 billion in the same period in 2024.The growth was fueled by record volumes across several areas, including midstream gathering, crude transportation, NGL transportation, and export volumes, as well as robust usage of NGL fractionators and natural gas pipelines.

Energy Transfer Diversifies Into Tech Energy—Will This New Pivot Reshape Its Future Growth?

<ul><li>Energy Transfer's financial results for the first quarter of 2025 show a significant performance, with an increase in adjusted EBITDA from $3.9 billion in the first quarter of 2024 to $4.1 billion in the same period of 2025.</li><li>Distributable Cash Flow (DCF) attributed to partners also reached $2.3 billion, indicating healthy cash generation.</li><li>Strong volumes across their midstream, crude gathering, natural gas interstate, and NGL pipelines and fractionators bolstered these figures.</li></ul>

Energy Transfer's financial results for the first quarter of 2025 show a significant performance, with an increase in adjusted EBITDA from $3.9 billion in the first quarter of 2024 to $4.1 billion in the same period of 2025.Distributable Cash Flow (DCF) attributed to partners also reached $2.3 billion, indicating healthy cash generation.Strong volumes across their midstream, crude gathering, natural gas interstate, and NGL pipelines and fractionators bolstered these figures.

Energy Transfer LP: Expansion in NGL Export and Infrastructure & Building A Buffer Against Industry Cyclicality!

<ul><li>Energy Transfer LP reported strong financial performance for the fourth quarter and full year of 2024, achieving an adjusted EBITDA of $15.5 billion—an increase of 13% over 2023 and marking a record for the partnership.</li><li>The distributable cash flow (DCF) attributable to partners also reached a record $8.4 billion, up 10% from the previous year.</li><li>The company saw a notable increase in various segments, including interstate, midstream, natural gas liquids (NGL), and crude segments, alongside record exports of NGLs. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Energy Transfer LP reported strong financial performance for the fourth quarter and full year of 2024, achieving an adjusted EBITDA of $15.5 billion—an increase of 13% over 2023 and marking a record for the partnership.The distributable cash flow (DCF) attributable to partners also reached a record $8.4 billion, up 10% from the previous year.The company saw a notable increase in various segments, including interstate, midstream, natural gas liquids (NGL), and crude segments, alongside record exports of NGLs. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Energy Transfer LP: Its Expanding Gas Network & 5 Key Drivers Shaping Its Performance for 2025 & Beyond!

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>Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...</li>
<li>...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support</li>
<li>Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish</li>
</ul>


Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...
...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support
Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish


S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

United States

Energy Transfer LP owns and operates a portfolio of energy assets. The Company engages in the operations such as transportation, storage and terminalling, crude oil, NGLs, refined products, and liquid natural gas. Energy Transfer serves customers in the United States.

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Energy Transfer LP (ET US)

Energy Transfer: What’s Really Driving Its Explosive Data Center Power Play?

Energy Transfer LP's Q3 2025 financial and operational performance demonstrates mixed results. From a financial standpoint, the company reported...

Baptista Research

Energy Transfer Diversifies Into Tech Energy—Will This New Pivot Reshape Its Future Growth?

Energy Transfer's performance in the second quarter of 2025 highlighted a balanced mixture of both positive momentum and areas of concern. The...

Baptista Research

Energy Transfer LP: Expansion in NGL Export and Infrastructure & Building A Buffer Against Industry Cyclicality!

Energy Transfer's financial results for the first quarter of 2025 show a significant performance, with an increase in adjusted EBITDA from $3.9...

Baptista Research

Energy Transfer LP: Its Expanding Gas Network & 5 Key Drivers Shaping Its Performance for 2025 & Beyond!

Energy Transfer LP reported strong financial performance for the fourth quarter and full year of 2024, achieving an adjusted EBITDA of $15.5...

Baptista Research

S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

$SPX and $QQQ $NDX Testing Bull Flag Supports; Bullish Breadth Divergences (SPX and $IWM % above 20-dma); All Major Indexes Above Key Supports $DJI...

Vermilion Research

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