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>Murphy USA reported a strong first quarter of 2026, driven by favorable fuel supply results amid a volatile energy market and a solid performance in their retail operations.</li><li>The company rebranded its PS&W plus RINs business as fuel supply, simplifying segment reporting.</li><li>The first quarter saw inventory revaluation gains in fuel supply contributing $0.069 per gallon, with the core fuel supply business generating $0.025 per gallon excluding these gains.</li></ul>

Murphy USA reported a strong first quarter of 2026, driven by favorable fuel supply results amid a volatile energy market and a solid performance in their retail operations.The company rebranded its PS&W plus RINs business as fuel supply, simplifying segment reporting.The first quarter saw inventory revaluation gains in fuel supply contributing $0.069 per gallon, with the core fuel supply business generating $0.025 per gallon excluding these gains.

Murphy USA Planning Up To 55 New Sites In 2026 While Full-Year Guidance Stays Unchanged!

<ul><li>Murphy USA experienced both positive and negative factors impacting their financial performance during the fourth quarter and full year of 2025.</li><li>On the positive side, the company reported some market regions outperforming others, illustrating stronger per-store volumes and margins particularly in states like Texas.</li><li>This suggests that Murphy USA has competitive advantages and strong market positioning in certain areas, which can stabilize and potentially improve revenue streams as competitive pressures normalize over time.</li></ul>

Murphy USA experienced both positive and negative factors impacting their financial performance during the fourth quarter and full year of 2025.On the positive side, the company reported some market regions outperforming others, illustrating stronger per-store volumes and margins particularly in states like Texas.This suggests that Murphy USA has competitive advantages and strong market positioning in certain areas, which can stabilize and potentially improve revenue streams as competitive pressures normalize over time.

Murphy USA: 50+ New Stores a Year—A Powerful Earnings Engine in Motion!

<ul><li>Murphy USA's recent earnings call provided a nuanced picture of its current financial health and strategic trajectory.</li><li>As noted, the company faced a shift in leadership with Andrew Clyde announcing his retirement, transitioning to Mindy West as the future CEO.</li><li>This leadership transition is expected to maintain continuity in Murphy USA’s strategic focus, particularly on capital allocation and market positioning.</li></ul>

Murphy USA's recent earnings call provided a nuanced picture of its current financial health and strategic trajectory.As noted, the company faced a shift in leadership with Andrew Clyde announcing his retirement, transitioning to Mindy West as the future CEO.This leadership transition is expected to maintain continuity in Murphy USA’s strategic focus, particularly on capital allocation and market positioning.

Murphy USA: Is the Shift to Noncombustible Nicotine Products a Game-Changer?

<ul><li>Murphy USA Inc. has reported its financial results for the second quarter of 2025, reflecting both positive advancements and certain challenges in its operations.</li><li>The company's performance during the quarter was influenced by varied market factors, including geopolitically induced stable fuel prices, evolving consumer trends, and operational enhancements.</li><li>Fuel volume trends indicated a decline, with same-store fuel volumes down by 3.2% compared to the prior year.</li></ul>

Murphy USA Inc. has reported its financial results for the second quarter of 2025, reflecting both positive advancements and certain challenges in its operations.The company's performance during the quarter was influenced by varied market factors, including geopolitically induced stable fuel prices, evolving consumer trends, and operational enhancements.Fuel volume trends indicated a decline, with same-store fuel volumes down by 3.2% compared to the prior year.

Murphy USA Is Doubling Down on Store Growth—Why Its 50/50 Capital Strategy Is a Game-Changer!

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>Large-Cap indexes (S&amp;P 500, Nasdaq 100) remain bullish, finding support at their respective 20-day MAs since November 2023, and we remain bullish</li>
<li>The question is whether that will continue to be the case. Concerns are rising Treasury yields and the U.S. dollar (DXY), which have broken above short-term resistance levels on Feb13</li>
<li>Friday's PPI report should provide more clarity as to how concerned we should be about rising inflation</li>
</ul>


Large-Cap indexes (S&amp;P 500, Nasdaq 100) remain bullish, finding support at their respective 20-day MAs since November 2023, and we remain bullish
The question is whether that will continue to be the case. Concerns are rising Treasury yields and the U.S. dollar (DXY), which have broken above short-term resistance levels on Feb13
Friday's PPI report should provide more clarity as to how concerned we should be about rising inflation


S&P 500 and Nasdaq 100 Testing 20-Day MAs; 10-Yr Treasury Yield Testing Critical 4.35% Resistance

United States

Murphy USA Inc. produces and distributes petroleum products. The Company engages in refining, marketing, and transportation of oil and gas products. Murphy USA provides products and services worldwide.

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Murphy Usa Inc (MUSA US)

Murphy USA Planning Up To 55 New Sites In 2026 While Full-Year Guidance Stays Unchanged!

Murphy USA reported a strong first quarter of 2026, driven by favorable fuel supply results amid a volatile energy market and a solid performance...

Baptista Research

Murphy USA: 50+ New Stores a Year—A Powerful Earnings Engine in Motion!

Murphy USA experienced both positive and negative factors impacting their financial performance during the fourth quarter and full year of...

Baptista Research

Murphy USA: Is the Shift to Noncombustible Nicotine Products a Game-Changer?

Murphy USA's recent earnings call provided a nuanced picture of its current financial health and strategic trajectory. As noted, the company faced...

Baptista Research

Murphy USA Is Doubling Down on Store Growth—Why Its 50/50 Capital Strategy Is a Game-Changer!

Murphy USA Inc. has reported its financial results for the second quarter of 2025, reflecting both positive advancements and certain challenges in...

Baptista Research

S&P 500 and Nasdaq 100 Testing 20-Day MAs; 10-Yr Treasury Yield Testing Critical 4.35% Resistance

$SPX and Nasdaq 100 $QQQ testing 20-day MAs (support since November); We remain bullish, but can't rule out a pullback to 4800-4850 on SPX; 10-Yr...

Vermilion Research

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