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 has moved to deepen its digital oilfield capabilities through the acquisition of InformatiQ AS, a Norway-based software developer focused on cloud-native applications for subsurface, drilling, well, and logistics data.</li><li>The deal converts a long-standing collaboration into full ownership and strengthens Landmark’s Agile Asset Management offering at a time when Halliburton is also emphasizing technology-led differentiation across offshore, international, and unconventional markets.</li><li>In its Q1 2026 earnings call, management highlighted $5.4 billion in revenue, 13% operating margin, 3% international revenue growth, and ongoing momentum in digital drilling automation, offshore collaboration, and electrified fracturing platforms such as ZEUS.</li></ul>

Halliburton Company has moved to deepen its digital oilfield capabilities through the acquisition of InformatiQ AS, a Norway-based software developer focused on cloud-native applications for subsurface, drilling, well, and logistics data.The deal converts a long-standing collaboration into full ownership and strengthens Landmark’s Agile Asset Management offering at a time when Halliburton is also emphasizing technology-led differentiation across offshore, international, and unconventional markets.In its Q1 2026 earnings call, management highlighted $5.4 billion in revenue, 13% operating margin, 3% international revenue growth, and ongoing momentum in digital drilling automation, offshore collaboration, and electrified fracturing platforms such as ZEUS.

Halliburton Takeover Of InformatiQ May Redefine Landmark’s Future!

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

<ul><li>Halliburton Company’s first quarter reflects a business navigating a complex mix of geopolitical disruption and emerging cyclical tailwinds, with performance outcomes shaped by regional divergence, cost pressures, and early indicators of demand recovery.</li><li>The company delivered stable revenue and maintained operating margins, supported by international growth and resilient activity outside the Middle East.</li><li>Latin America and Europe-Africa stood out as key contributors, driven by increased drilling and completion activity, while major contract wins such as the multibillion-dollar integrated services award in Argentina highlight the company’s ability to secure long-duration, technology-driven work.</li></ul>

Halliburton Company’s first quarter reflects a business navigating a complex mix of geopolitical disruption and emerging cyclical tailwinds, with performance outcomes shaped by regional divergence, cost pressures, and early indicators of demand recovery.The company delivered stable revenue and maintained operating margins, supported by international growth and resilient activity outside the Middle East.Latin America and Europe-Africa stood out as key contributors, driven by increased drilling and completion activity, while major contract wins such as the multibillion-dollar integrated services award in Argentina highlight the company’s ability to secure long-duration, technology-driven work.

Halliburton: Middle East Disruption Drives Ongoing Earnings Pressure!

<ul><li>Halliburton moved deeper into drilling automation on April 1, 2026, when it announced the acquisition of Sekal AS from Sumitomo Corporation, bringing a specialist in digital drilling autonomy into its portfolio.</li><li>The transaction followed a period in which Halliburton had already been emphasizing technology-led differentiation, autonomous geosteering, LOGIX automation, and tighter collaboration with customers across international and North American markets.</li><li>Sekal adds a field-tested automation stack centered on its DrillTronics platform, with deployments in more than 1,300 wells worldwide, and management framed the combination as a way to lower well construction costs, improve recovery, and reduce operational risk.</li></ul>

Halliburton moved deeper into drilling automation on April 1, 2026, when it announced the acquisition of Sekal AS from Sumitomo Corporation, bringing a specialist in digital drilling autonomy into its portfolio.The transaction followed a period in which Halliburton had already been emphasizing technology-led differentiation, autonomous geosteering, LOGIX automation, and tighter collaboration with customers across international and North American markets.Sekal adds a field-tested automation stack centered on its DrillTronics platform, with deployments in more than 1,300 wells worldwide, and management framed the combination as a way to lower well construction costs, improve recovery, and reduce operational risk.

Halliburton’s Bold Sekal Takeover Might Change Oilfield Services Overnight!

<ul><li>Halliburton Company reported its fourth-quarter 2025 financial results, demonstrating a mixed financial performance across its key business segments and geographic operations.</li><li>Total company revenue reached $22.2 billion for the year, with adjusted operating margins at 14%.</li><li>The international segment, although down 2% year-over-year, contributed $13.1 billion to the revenue, reflecting resilience despite declining rig counts, particularly in Saudi Arabia and Mexico.</li></ul>

Halliburton Company reported its fourth-quarter 2025 financial results, demonstrating a mixed financial performance across its key business segments and geographic operations.Total company revenue reached $22.2 billion for the year, with adjusted operating margins at 14%.The international segment, although down 2% year-over-year, contributed $13.1 billion to the revenue, reflecting resilience despite declining rig counts, particularly in Saudi Arabia and Mexico.

Halliburton: From Brazil to Vaca Muerta—A Game-Changing Growth Story in Latin America’s Next Energy Boom!

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 Takeover Of InformatiQ May Redefine Landmark’s Future!

Halliburton Company has moved to deepen its digital oilfield capabilities through the acquisition of InformatiQ AS, a Norway-based software...

Baptista Research

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Halliburton: Middle East Disruption Drives Ongoing Earnings Pressure!

Halliburton Company’s first quarter reflects a business navigating a complex mix of geopolitical disruption and emerging cyclical tailwinds, with...

Baptista Research

Halliburton’s Bold Sekal Takeover Might Change Oilfield Services Overnight!

Halliburton moved deeper into drilling automation on April 1, 2026, when it announced the acquisition of Sekal AS from Sumitomo Corporation,...

Baptista Research

Halliburton: From Brazil to Vaca Muerta—A Game-Changing Growth Story in Latin America’s Next Energy Boom!

Halliburton Company reported its fourth-quarter 2025 financial results, demonstrating a mixed financial performance across its key business...

Baptista Research

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