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>Marathon Oil's Q4 and full year 2023 results and full year 2024 outlook have highlighted some of the successes and challenges faced by the company.</li><li>The company's Chairman, President, and CEO, Lee Tillman, emphasized on the company's commitment to safety, environmental responsibility, and ongoing work to achieve zero routine flaring.</li><li>The company has continued to prioritize providing safe working conditions and has achieved a record safety year in 2023.</li></ul>

Marathon Oil's Q4 and full year 2023 results and full year 2024 outlook have highlighted some of the successes and challenges faced by the company.The company's Chairman, President, and CEO, Lee Tillman, emphasized on the company's commitment to safety, environmental responsibility, and ongoing work to achieve zero routine flaring.The company has continued to prioritize providing safe working conditions and has achieved a record safety year in 2023.

Marathon Oil Corporation: Is Its Capital Efficiency Sustainable? - Major Drivers

<ul><li>Marathon Oil Corporation delivered an all-around beat in the previous quarter.</li><li>With an impressive $718 million adjusted free cash flow and a remarkable reinvestment rate of just 38%, the company anticipates further enhancing free cash flow in the fourth quarter.</li><li>Looking ahead, Marathon Oil's team is confident in delivering benchmark performance in free cash flow generation, reinvestment rate, capital efficiency, free cash flow breakeven, and production growth per share.</li></ul>

Marathon Oil Corporation delivered an all-around beat in the previous quarter.With an impressive $718 million adjusted free cash flow and a remarkable reinvestment rate of just 38%, the company anticipates further enhancing free cash flow in the fourth quarter.Looking ahead, Marathon Oil's team is confident in delivering benchmark performance in free cash flow generation, reinvestment rate, capital efficiency, free cash flow breakeven, and production growth per share.

Marathon Oil Corporation: A New Era of Oil and Gas Dominance! - Major Drivers

<ul><li>Marathon Oil delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>The company reported a strong adjusted free cash flow of $531 million and returned $434 million to shareholders, marking a 10% increase in distributions compared to the previous quarter.</li><li>In the third quarter, Marathon Oil's management team expects total company oil and oil equivalent production to either meet or surpass the upper limit of its annual guidance range.</li></ul>

Marathon Oil delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.The company reported a strong adjusted free cash flow of $531 million and returned $434 million to shareholders, marking a 10% increase in distributions compared to the previous quarter.In the third quarter, Marathon Oil's management team expects total company oil and oil equivalent production to either meet or surpass the upper limit of its annual guidance range.

Marathon Oil Corporation: Projected Capital Program - Are They Aiming Too High? - Major Drivers

Equity Capital Markets

<ul><li>It was a successful first quarter for Marathon Oil as it delivered an all-around beat with strong financial and operational performance.</li><li>The company exceeded its commitment to return at least 40% of its cash flow from operations to shareholders, generating strong free cash flow despite not receiving any EG cash dividends.</li><li>First-quarter oil production was consistent with guidance, and the company expects an improving trend in the second and third quarters.</li></ul>

It was a successful first quarter for Marathon Oil as it delivered an all-around beat with strong financial and operational performance.The company exceeded its commitment to return at least 40% of its cash flow from operations to shareholders, generating strong free cash flow despite not receiving any EG cash dividends.First-quarter oil production was consistent with guidance, and the company expects an improving trend in the second and third quarters.

Marathon Oil Corporation: Significant Strategic Progress in Equatorial Guinea – Key Drivers

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>We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.</li>
<li>This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)</li>
<li>If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys</li>
</ul>


We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.
This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)
If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys


Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support

United States

Marathon Oil Corporation is an independent international energy company engaged in exploration and production, oil sands mining and integrated gas. The Company's operations are focused in North America, Africa and Europe.

Marathon Oil (MRO US)

Marathon Oil Corporation: Is Its Capital Efficiency Sustainable? - Major Drivers

Marathon Oil's Q4 and full year 2023 results and full year 2024 outlook have highlighted some of the successes and challenges faced by the...

Baptista Research

Marathon Oil Corporation: A New Era of Oil and Gas Dominance! - Major Drivers

Marathon Oil Corporation delivered an all-around beat in the previous quarter. With an impressive $718 million adjusted free cash flow and a...

Baptista Research

Marathon Oil Corporation: Projected Capital Program - Are They Aiming Too High? - Major Drivers

Marathon Oil delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. The company reported a strong...

Baptista Research

Marathon Oil Corporation: Significant Strategic Progress in Equatorial Guinea – Key Drivers

It was a successful first quarter for Marathon Oil as it delivered an all-around beat with strong financial and operational performance. The...

Baptista Research

Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support

Upgrading Materials $XLB to Market Weight; Rotation into Commodity Sectors $XLE. $SPX and $QQQ holding above gap supports at 4983-5050 and $425...

Vermilion Research