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>Expand Energy Corporation’s second quarter of 2026 reflected a combination of solid operating execution, active capital allocation and a significant strategic shift toward a more integrated natural gas model.</li><li>Management highlighted strong performance in Southwest Appalachia, continued operational improvements in the Haynesville and progress in organic leasing.</li><li>The company used elevated first quarter cash generation to reduce gross debt by $1.3 billion, then repurchased approximately $850 million of shares, equal to about 4 percent of outstanding shares, when natural gas prices and the equity valuation weakened.</li></ul>

Expand Energy Corporation’s second quarter of 2026 reflected a combination of solid operating execution, active capital allocation and a significant strategic shift toward a more integrated natural gas model.Management highlighted strong performance in Southwest Appalachia, continued operational improvements in the Haynesville and progress in organic leasing.The company used elevated first quarter cash generation to reduce gross debt by $1.3 billion, then repurchased approximately $850 million of shares, equal to about 4 percent of outstanding shares, when natural gas prices and the equity valuation weakened.

Expand Energy Corporation’s Twin Eagle Deal: Can $350 Million Reshape The Gas Model?

<ul><li>Expand Energy reported first-quarter results reflecting continued operational stability and financial discipline amid current market challenges.</li><li>The company generated $1.7 billion in free cash flow, reduced gross debt by $1.3 billion, and returned over $290 million to shareholders via dividends and share buybacks.</li><li>Operational uptime remained strong with Appalachia assets maintaining approximately 98% availability during Winter Storm Fern, although Gulf Coast assets experienced some weather-related disruptions causing a shift in capital expenditures from the first to the second quarter.</li></ul>

Expand Energy reported first-quarter results reflecting continued operational stability and financial discipline amid current market challenges.The company generated $1.7 billion in free cash flow, reduced gross debt by $1.3 billion, and returned over $290 million to shareholders via dividends and share buybacks.Operational uptime remained strong with Appalachia assets maintaining approximately 98% availability during Winter Storm Fern, although Gulf Coast assets experienced some weather-related disruptions causing a shift in capital expenditures from the first to the second quarter.

Expand Energy’s 1.15 Million-Ton Delfin LNG Agreement Adds A New Growth Lever!

<ul><li>Expand Energy's latest quarterly results highlight both positive strides and challenges within the company's operations and strategic outlook.</li><li>The company has pursued capital efficiency, managing to reduce costs significantly while increasing production, particularly in the Haynesville region.</li><li>Expand Energy has demonstrated an impressive cost reduction in well expenses by over 25% and outperformed peers with year-to-date costs 30% lower, thanks to optimized development and completion designs.</li></ul>

Expand Energy's latest quarterly results highlight both positive strides and challenges within the company's operations and strategic outlook.The company has pursued capital efficiency, managing to reduce costs significantly while increasing production, particularly in the Haynesville region.Expand Energy has demonstrated an impressive cost reduction in well expenses by over 25% and outperformed peers with year-to-date costs 30% lower, thanks to optimized development and completion designs.

Expand Energy Eyes Western Haynesville Boom – Could This Be Its Next Big Jackpot?

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Podcast by S&P analysing commodity market trends, Commodities Focus

Commodities Focus

Podcast by S&P analysing commodity market trends

S&P Global Commodity Insights analysis of key news and pricing issues from across the global shipping, natural gas, power, petrochemicals, agriculture, and coal markets.

Cross Asset Strategy

<ul><li>Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.</li><li>Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.</li><li>Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How Are Gas Operators Navigating the Difficult Gas Environment in 2024?

United States

Expand Energy Corporation operates as an exploration company. The Company focuses on discovering, developing, and acquiring conventional and unconventional natural gas, oil, and natural gas liquids reserves. Expand Energy serves customers in the United States.

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Expand Energy (EXE US)

Expand Energy Corporation’s Twin Eagle Deal: Can $350 Million Reshape The Gas Model?

Expand Energy Corporation’s second quarter of 2026 reflected a combination of solid operating execution, active capital allocation and a...

Baptista Research

Expand Energy’s 1.15 Million-Ton Delfin LNG Agreement Adds A New Growth Lever!

Expand Energy reported first-quarter results reflecting continued operational stability and financial discipline amid current market...

Baptista Research

Expand Energy Eyes Western Haynesville Boom – Could This Be Its Next Big Jackpot?

Expand Energy's latest quarterly results highlight both positive strides and challenges within the company's operations and strategic outlook. The...

Baptista Research

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

How Are Gas Operators Navigating the Difficult Gas Environment in 2024?

Operators in gas basins are cutting capital spending due to weak prices, with production levels decreasing and gas storage levels above average,...

Commodities Focus

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