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>Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance.</li><li>The company reported a total revenue of $22.9 billion for 2024, with an 8% growth in its international business, particularly driven by an 8% increase in the Middle East/Asia region.</li><li>Conversely, the North American segment experienced an 8% revenue decline year-over-year, reflecting broader sector trends, but still managed to outperform rig count and completion activity benchmarks.</li></ul>

Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance.The company reported a total revenue of $22.9 billion for 2024, with an 8% growth in its international business, particularly driven by an 8% increase in the Middle East/Asia region.Conversely, the North American segment experienced an 8% revenue decline year-over-year, reflecting broader sector trends, but still managed to outperform rig count and completion activity benchmarks.

Halliburton Company: International Market Growth To Reinforce Global Leadership In Oilfield Services! - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Halliburton will report its Q4 earnings on 22/Jan, with revenue and EPS projected to fall sequentially and annually. For fiscal 2024, revenue and net profit are expected to drop.</li>
<li>Halliburton's OI PCR at 1.21, signalling bearish sentiment, with a 67% IV percentile indicating moderately high volatility.</li>
<li>For the 24/Jan expiry, Halliburton’s OI shows calls concentrated at strikes 28.5, 29, and 30. Puts dominate at 26, 27, and 27.5. Put OI is higher at key levels.</li>
</ul>


Halliburton will report its Q4 earnings on 22/Jan, with revenue and EPS projected to fall sequentially and annually. For fiscal 2024, revenue and net profit are expected to drop.
Halliburton's OI PCR at 1.21, signalling bearish sentiment, with a 67% IV percentile indicating moderately high volatility.
For the 24/Jan expiry, Halliburton’s OI shows calls concentrated at strikes 28.5, 29, and 30. Puts dominate at 26, 27, and 27.5. Put OI is higher at key levels.


[Pre Earnings Options Flash] Halliburton’s Options Market Data Indicates Bearish Sentiment

<ul>
<li>Halliburton’s revenue is projected to decline 1.7% YoY, with EPS down 18.6%, driven by subdued upstream activity induced by oil price volatility and weak global demand.</li>
<li>Halliburton expects a 1%-3% QoQ revenue decline, and a 75-125 bps margin drop in its Completion and Production segment for Q4.</li>
<li>In contrast, revenue from its Drilling and Evaluation (D&amp;E) segment is forecasted to grow between 0% to 2%, with margins flat or improving by up to 50 bps.</li>
</ul>


Halliburton’s revenue is projected to decline 1.7% YoY, with EPS down 18.6%, driven by subdued upstream activity induced by oil price volatility and weak global demand.
Halliburton expects a 1%-3% QoQ revenue decline, and a 75-125 bps margin drop in its Completion and Production segment for Q4.
In contrast, revenue from its Drilling and Evaluation (D&amp;E) segment is forecasted to grow between 0% to 2%, with margins flat or improving by up to 50 bps.


[Earnings Preview] Halliburton Expected to Post Subdued Q4 Results on Tepid Upstream Activity

<ul>
<li>Halliburton’s Q3 revenue fell by 1.8% YoY and missed estimates by 2.2% dragged down by an 8.5% YoY fall in revenue from North America.</li>
<li>The Completion and Production division’s revenue dropped 5.4% YoY and 3% QoQ, while the Drilling and Evaluation division posted a 3.5% YoY increase but declined 1.4% QoQ.</li>
<li>Operating cash flow declined 23.5% QoQ, while free cash flow dropped 31.5%. Earnings were impacted by lost revenue from the cybersecurity incident and Gulf storms.</li>
</ul>


Halliburton’s Q3 revenue fell by 1.8% YoY and missed estimates by 2.2% dragged down by an 8.5% YoY fall in revenue from North America.
The Completion and Production division’s revenue dropped 5.4% YoY and 3% QoQ, while the Drilling and Evaluation division posted a 3.5% YoY increase but declined 1.4% QoQ.
Operating cash flow declined 23.5% QoQ, while free cash flow dropped 31.5%. Earnings were impacted by lost revenue from the cybersecurity incident and Gulf storms.


[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

<ul><li>Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion.</li><li>While the international sector showed promising expansion, particularly in the Middle East/Asia region which grew by 9% year-over-year to $3.3 billion, the North American market exhibited a downturn with a 9% year-over-year revenue decrease to $2.4 billion.</li><li>The adjusted operating margin was pegged at 17%, an indication of Halliburton's consistent cost management and pricing strategies in an unstable market environment.</li></ul>

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion.While the international sector showed promising expansion, particularly in the Middle East/Asia region which grew by 9% year-over-year to $3.3 billion, the North American market exhibited a downturn with a 9% year-over-year revenue decrease to $2.4 billion.The adjusted operating margin was pegged at 17%, an indication of Halliburton's consistent cost management and pricing strategies in an unstable market environment.

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

United States

Halliburton Company provides energy services and engineering and construction services, as well as manufactures products for the energy industry.  The Company offers services and products and integrated solutions to customers in the exploration, development, and production of oil and natural gas.

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Halliburton Co (HAL US)

Halliburton Company: International Market Growth To Reinforce Global Leadership In Oilfield Services! - Major Drivers

Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance. The...

Baptista Research

[Pre Earnings Options Flash] Halliburton’s Options Market Data Indicates Bearish Sentiment

Halliburton's Q4 earnings expected to decline, bearish sentiment with high volatility. Calls at 28.5, 29, 30 strikes, puts dominate at 26, 27,...

Mint Finance

[Earnings Preview] Halliburton Expected to Post Subdued Q4 Results on Tepid Upstream Activity

Halliburton's revenue is expected to decline due to oil price volatility and weak global demand. Margins are expected to drop in Completion and...

Mint Finance

[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...

Mint Finance

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion. While...

Baptista Research

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Halliburton Company: International Market Growth To Reinforce Global Leadership In Oilfield Services! - Major Drivers

Halliburton Company's fourth quarter 2024 earnings report presents a nuanced picture of its financial health and operational performance. The...

Baptista Research

[Pre Earnings Options Flash] Halliburton’s Options Market Data Indicates Bearish Sentiment

​Halliburton's Q4 earnings expected to decline, bearish sentiment with high volatility. Calls at 28.5, 29, 30 strikes, puts dominate at 26, 27,...

Mint Finance

[Earnings Preview] Halliburton Expected to Post Subdued Q4 Results on Tepid Upstream Activity

​Halliburton's revenue is expected to decline due to oil price volatility and weak global demand. Margins are expected to drop in Completion and...

Mint Finance

[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America

​Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...

Mint Finance

Halliburton Company: International Market Expansion Driving Our Bullishness! - Major Drivers

Halliburton Company reported its third-quarter 2024 earnings showcasing mixed performance, with total company revenue reaching $5.7 billion. While...

Baptista Research

Halliburton's Q4 earnings expected to decline, bearish sentiment with high volatility. Calls at 28.5, 29, 30 strikes, puts dominate at 26, 27,...

Halliburton's revenue is expected to decline due to oil price volatility and weak global demand. Margins are expected to drop in Completion and...

Halliburton's Q3 revenue fell by 1.8% YoY, missing estimates by 2.2%, with North America revenue down 8.5%. Operating cash flow and free cash flow...