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>Noble Corporation reported second quarter 2026 adjusted EBITDA of $212 million, reflecting solid operational performance across most of its fleet despite a $43 million revenue impact from an operational suspension affecting two rigs in Brazil.</li><li>Contract drilling services revenue totaled $679 million, and adjusted EBITDA margin stood at 30%.</li><li>Cash flow from operations was $144 million, while free cash flow was negative $59 million, influenced partly by capital expenditures of $205 million.</li></ul>

Noble Corporation reported second quarter 2026 adjusted EBITDA of $212 million, reflecting solid operational performance across most of its fleet despite a $43 million revenue impact from an operational suspension affecting two rigs in Brazil.Contract drilling services revenue totaled $679 million, and adjusted EBITDA margin stood at 30%.Cash flow from operations was $144 million, while free cash flow was negative $59 million, influenced partly by capital expenditures of $205 million.

Noble Corporation Takes A $43 Million Brazil Hit — Is The Damage Temporary?

<ul><li>Noble Corporation's fourth-quarter earnings report for 2025 reveals a mixed landscape of operational success and market challenges.</li><li>The company reported an adjusted EBITDA of $232 million, sustaining a positive momentum that brought the full-year adjusted EBITDA slightly above the $1.1 billion midpoint of initial guidance.</li><li>Noble's free cash flow for the quarter stood at $35 million, with a robust backlog increase to $7.5 billion, underscoring strong operational performance and strategic contract wins.</li></ul>

Noble Corporation's fourth-quarter earnings report for 2025 reveals a mixed landscape of operational success and market challenges.The company reported an adjusted EBITDA of $232 million, sustaining a positive momentum that brought the full-year adjusted EBITDA slightly above the $1.1 billion midpoint of initial guidance.Noble's free cash flow for the quarter stood at $35 million, with a robust backlog increase to $7.5 billion, underscoring strong operational performance and strategic contract wins.

Noble Corporation: Southeast Asia to Namibia—Is Global Exploration Fueling a New Supercycle?

<ul><li>Noble Corporation's third-quarter 2025 earnings report presents a mixed picture for investors, with some positive developments and notable challenges on the horizon.</li><li>The company generated an adjusted EBITDA of $254 million and a free cash flow of $139 million, which was bolstered by net disposal proceeds of $87 million.</li><li>This financial performance underscores Noble's operational efficiency, as highlighted by the company's successful execution in technically demanding deepwater drilling operations.</li></ul>

Noble Corporation's third-quarter 2025 earnings report presents a mixed picture for investors, with some positive developments and notable challenges on the horizon.The company generated an adjusted EBITDA of $254 million and a free cash flow of $139 million, which was bolstered by net disposal proceeds of $87 million.This financial performance underscores Noble's operational efficiency, as highlighted by the company's successful execution in technically demanding deepwater drilling operations.

Noble Corporation: What’s Cooking in Mozambique, West Africa, & Beyond?

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 remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April</li>
<li>If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April
If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.


SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We maintain our near-term bullish outlook on the SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), and will stay that way if 6824 SPX, $610 QQQ, and $245 IWM hold</li>
<li>We see mild deterioration in market dynamics, which may provide a near-term headwind; still, MAG7 earnings and Wednesday's Fed meeting are in the driver's seat, we're seeing a QQQ breakout(buy)</li>
<li>Buy this breakout above $629-$630 on QQQ. But the breakout must hold above 629 or it risks testing the 100-day MA or multi-month uptrend in blue (see chart below)</li>
</ul>


We maintain our near-term bullish outlook on the SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), and will stay that way if 6824 SPX, $610 QQQ, and $245 IWM hold
We see mild deterioration in market dynamics, which may provide a near-term headwind; still, MAG7 earnings and Wednesday's Fed meeting are in the driver's seat, we're seeing a QQQ breakout(buy)
Buy this breakout above $629-$630 on QQQ. But the breakout must hold above 629 or it risks testing the 100-day MA or multi-month uptrend in blue (see chart below)


Chop Continues; Nasdaq 100 Breaking Above Major Resistance; Speculative Leaders Wobbling

United Kingdom

Noble Corporation plc is a leading offshore drilling contractor that provides contract drilling services to the international oil and gas industry. The company operates a modern fleet of mobile offshore drilling units, including drillships, semi-submersibles, and jackup rigs, focusing on ultra-deepwater and high-specification jackup opportunities worldwide. Noble Corporation plc was founded in 1921 and is headquartered in Houston, Texas, with its corporate organization in London, England.

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Noble Corporation (NE US)

Noble Corporation Takes A $43 Million Brazil Hit — Is The Damage Temporary?

Noble Corporation reported second quarter 2026 adjusted EBITDA of $212 million, reflecting solid operational performance across most of its fleet...

Baptista Research

Noble Corporation: Southeast Asia to Namibia—Is Global Exploration Fueling a New Supercycle?

Noble Corporation's fourth-quarter earnings report for 2025 reveals a mixed landscape of operational success and market challenges. The company...

Baptista Research

Noble Corporation: What’s Cooking in Mozambique, West Africa, & Beyond?

Noble Corporation's third-quarter 2025 earnings report presents a mixed picture for investors, with some positive developments and notable...

Baptista Research

SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

$SPX and $QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight. Ff 8-day EMAs break, we would expect SPX to test gap...

Vermilion Research

Chop Continues; Nasdaq 100 Breaking Above Major Resistance; Speculative Leaders Wobbling

Chop Continues; Nasdaq 100 $QQQ Major Breakout Above $630 Resistance; Speculative Leaders Wobbling $REMX $TMC $MP $BTQ $IONQ $RGTI $IONQ $QUBT...

Vermilion Research

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