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>New Jersey Resources (NJR) demonstrated strong financial performance during the second quarter of fiscal year 2025, underscoring its strategic focus on disciplined capital deployment and operational excellence.</li><li>NJR raised its guidance for net financial earnings per share (NFEPS) from a range of $3.05 to $3.20 to $3.15 to $3.30, supported by robust performance in its wholesale gas marketing segment, NJR Energy Services, which capitalized on winter pricing volatility.</li><li>This adjustment represents a positive indication of NJR’s ability to exceed its long-term NFEPS growth target of 7% to 9%.</li></ul>

New Jersey Resources (NJR) demonstrated strong financial performance during the second quarter of fiscal year 2025, underscoring its strategic focus on disciplined capital deployment and operational excellence.NJR raised its guidance for net financial earnings per share (NFEPS) from a range of $3.05 to $3.20 to $3.15 to $3.30, supported by robust performance in its wholesale gas marketing segment, NJR Energy Services, which capitalized on winter pricing volatility.This adjustment represents a positive indication of NJR’s ability to exceed its long-term NFEPS growth target of 7% to 9%.

New Jersey Resources: Will Its Strategic Investments in Infrastructure Yield Results?

<ul><li>New Jersey Resources Corporation, in its fiscal 2025 first-quarter performance, demonstrated substantial growth across various segments, although it faced certain challenges.</li><li>During the quarter, the company successfully executed its strategic objectives, with New Jersey Natural Gas (NJNG) achieving a notable milestone by implementing new rates.</li><li>This allowed for the recovery of $850 million in investments since the last rate update, establishing a rate base of $3.2 billion.</li></ul>

New Jersey Resources Corporation, in its fiscal 2025 first-quarter performance, demonstrated substantial growth across various segments, although it faced certain challenges.During the quarter, the company successfully executed its strategic objectives, with New Jersey Natural Gas (NJNG) achieving a notable milestone by implementing new rates.This allowed for the recovery of $850 million in investments since the last rate update, establishing a rate base of $3.2 billion.

New Jersey Resources: Storage & Transportation Optimization to Support Overall Growth Strategy!

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>In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.</li>
<li>We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.</li>
</ul>


In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.


S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

<ul>
<li>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

<ul><li>New Jersey Resources (NJR) reported solid results for the Fiscal 2024 Third Quarter, with business operations aligning with management expectations and the company on track to achieve its fiscal year NFEPS guidance of $2.85 to $3.00 per share.</li><li>The positives articulated in the earnings call included steady growth in New Jersey Natural Gas (NJNG), robust revenue growth in Clean Energy Ventures (CEV), and consistent performance in the Storage and Transportation (S&T) and Energy Services segments.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

New Jersey Resources (NJR) reported solid results for the Fiscal 2024 Third Quarter, with business operations aligning with management expectations and the company on track to achieve its fiscal year NFEPS guidance of $2.85 to $3.00 per share.The positives articulated in the earnings call included steady growth in New Jersey Natural Gas (NJNG), robust revenue growth in Clean Energy Ventures (CEV), and consistent performance in the Storage and Transportation (S&T) and Energy Services segments.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

New Jersey Resources Corporation: Adapting To Market Conditions & Dealing With Regulatory Compliance Challenges! - Major Drivers

United States

New Jersey Resources Corporation provides retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada.  The Company's principal subsidiary, New Jersey Natural Gas Co., is a local distribution company serving customers in central and northern New Jersey.

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New Jersey Resources (NJR US)

New Jersey Resources: Will Its Strategic Investments in Infrastructure Yield Results?

New Jersey Resources (NJR) demonstrated strong financial performance during the second quarter of fiscal year 2025, underscoring its strategic...

Baptista Research

New Jersey Resources: Storage & Transportation Optimization to Support Overall Growth Strategy!

New Jersey Resources Corporation, in its fiscal 2025 first-quarter performance, demonstrated substantial growth across various segments, although...

Baptista Research

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

New Jersey Resources Corporation: Adapting To Market Conditions & Dealing With Regulatory Compliance Challenges! - Major Drivers

New Jersey Resources (NJR) reported solid results for the Fiscal 2024 Third Quarter, with business operations aligning with management...

Baptista Research

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