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>Ovintiv Incorporated reported its first quarter 2026 results highlighting continued operational progress and strategic portfolio positioning focused on its core assets in the Permian Basin and Montney formations.</li><li>The company has expanded its drilling inventory in these key areas by more than 3,200 locations since 2023, aiming to maintain one of the industry's largest resource bases without diluting shareholders.</li><li>Operational execution has resulted in high productivity wells, with Ovintiv positioned as a cost leader, notably in Montney where it ranks as the lowest cost operator, and among the top two in the Midland Basin.</li></ul>

Ovintiv Incorporated reported its first quarter 2026 results highlighting continued operational progress and strategic portfolio positioning focused on its core assets in the Permian Basin and Montney formations.The company has expanded its drilling inventory in these key areas by more than 3,200 locations since 2023, aiming to maintain one of the industry's largest resource bases without diluting shareholders.Operational execution has resulted in high productivity wells, with Ovintiv positioned as a cost leader, notably in Montney where it ranks as the lowest cost operator, and among the top two in the Midland Basin.

Ovintiv’s 3,200-Location Inventory Build: Can Permian And Montney Drive Upside?

<ul><li>Ovintiv delivered a year-end update that framed recent results as the outcome of a multi-year repositioning toward a more concentrated asset base and a more shareholder-return-oriented financial model.</li><li>The company highlighted a portfolio now centered on the Permian and the Montney, supported by the closing of the NuVista acquisition and an agreement to sell Anadarko assets expected to close early in the second quarter.</li><li>Management described this divestiture as the final step in the transformation, with proceeds directed primarily to debt reduction, including repayment of a term loan used to fund the acquisition cash component, retirement of 2028 notes, and further paydown of other borrowings.</li></ul>

Ovintiv delivered a year-end update that framed recent results as the outcome of a multi-year repositioning toward a more concentrated asset base and a more shareholder-return-oriented financial model.The company highlighted a portfolio now centered on the Permian and the Montney, supported by the closing of the NuVista acquisition and an agreement to sell Anadarko assets expected to close early in the second quarter.Management described this divestiture as the final step in the transformation, with proceeds directed primarily to debt reduction, including repayment of a term loan used to fund the acquisition cash component, retirement of 2028 notes, and further paydown of other borrowings.

Does Ovintiv 75% Free Cash Flow Return Hold Up If Commodity Volatility Increases?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

<ul><li>Ovintiv Inc. has agreed to sell its Anadarko oil and gas assets for $3 billion in cash, marking a decisive step in its multi-year portfolio transformation.</li><li>The divestiture follows closely on the heels of its $2.6 billion acquisition of NuVista Energy, underscoring a deliberate pivot toward high-return inventory in the Permian and Montney basins.</li><li>The Anadarko sale includes approximately 360,000 net acres and roughly 90,000 barrels of oil equivalent per day of production capacity, assets that management describes as low-decline and free-cash-flow generative.</li></ul>

Ovintiv Inc. has agreed to sell its Anadarko oil and gas assets for $3 billion in cash, marking a decisive step in its multi-year portfolio transformation.The divestiture follows closely on the heels of its $2.6 billion acquisition of NuVista Energy, underscoring a deliberate pivot toward high-return inventory in the Permian and Montney basins.The Anadarko sale includes approximately 360,000 net acres and roughly 90,000 barrels of oil equivalent per day of production capacity, assets that management describes as low-decline and free-cash-flow generative.

Ovintiv Dumps Anadarko For $3 Billion — Smart Deleveraging Or Risky Shrinkage?

<ul><li>Ovintiv's recent quarterly earnings call provides a robust overview of the company's strategic initiatives, financial performance, and future outlook as it continues to solidify its position as a leading North American independent oil and gas exploration and production company.</li><li>From the information available, several key themes emerge, showcasing both strengths and areas requiring caution.</li><li>Firstly, Ovintiv's acquisition of NuVista Energy presents a significant strategic move.</li></ul>

Ovintiv's recent quarterly earnings call provides a robust overview of the company's strategic initiatives, financial performance, and future outlook as it continues to solidify its position as a leading North American independent oil and gas exploration and production company.From the information available, several key themes emerge, showcasing both strengths and areas requiring caution.Firstly, Ovintiv's acquisition of NuVista Energy presents a significant strategic move.

Ovintiv Makes a Bold Move With NuVista — How Will This Mega-Acquisition Redefine Free Cash Flow Power?

United States

Ovintiv Inc. operates as an energy producer. The Company focuses on developing its multi-basin portfolio of oil, natural gas liquids, and natural gas producing plays. Ovintiv serves clients in the United States and Canada.

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Ovintiv (OVV US)

Ovintiv’s 3,200-Location Inventory Build: Can Permian And Montney Drive Upside?

Ovintiv Incorporated reported its first quarter 2026 results highlighting continued operational progress and strategic portfolio positioning...

Baptista Research

Does Ovintiv 75% Free Cash Flow Return Hold Up If Commodity Volatility Increases?

Ovintiv delivered a year-end update that framed recent results as the outcome of a multi-year repositioning toward a more concentrated asset base...

Baptista Research

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

Ovintiv Dumps Anadarko For $3 Billion — Smart Deleveraging Or Risky Shrinkage?

Ovintiv Inc. has agreed to sell its Anadarko oil and gas assets for $3 billion in cash, marking a decisive step in its multi-year portfolio...

Baptista Research

Ovintiv Makes a Bold Move With NuVista — How Will This Mega-Acquisition Redefine Free Cash Flow Power?

Ovintiv's recent quarterly earnings call provides a robust overview of the company's strategic initiatives, financial performance, and future...

Baptista Research

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