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>Petrobras presented operational and financial results for the first quarter of 2026 marked by record production levels and significant progress in capacity expansion projects.</li><li>Average oil production reached 2.58 million barrels per day (bpd) during the quarter, with April 2026 deliveries surpassing this figure at 2.73 million bpd, representing a 30% increase compared to 2024.</li><li>A substantial portion of this production, about 2.18 million bpd, originates from the pre-salt layer, with the Búzios deepwater field highlighted as the largest deepwater oil field globally.</li></ul>

Petrobras presented operational and financial results for the first quarter of 2026 marked by record production levels and significant progress in capacity expansion projects.Average oil production reached 2.58 million barrels per day (bpd) during the quarter, with April 2026 deliveries surpassing this figure at 2.73 million bpd, representing a 30% increase compared to 2024.A substantial portion of this production, about 2.18 million bpd, originates from the pre-salt layer, with the Búzios deepwater field highlighted as the largest deepwater oil field globally.

Petroleo Brasileiro SA - Petrobras’ Record Production Surge: Can Búzios Keep The Momentum Alive?

<ul><li>Petrobras' recent earnings call revealed a blend of significant achievements and notable challenges.</li><li>On one hand, the company demonstrated commendable production growth and operational efficiency during a period marked by geopolitical tensions and market volatility.</li><li>On the other hand, it faced pronounced external pressures such as fluctuating oil prices, which affected its financial metrics.</li></ul>

Petrobras' recent earnings call revealed a blend of significant achievements and notable challenges.On one hand, the company demonstrated commendable production growth and operational efficiency during a period marked by geopolitical tensions and market volatility.On the other hand, it faced pronounced external pressures such as fluctuating oil prices, which affected its financial metrics.

Petrobras: Integrating Refining Strategy and Global Exports to Stabilize Growth in Volatile Markets!

<ul><li>Petrobras, Brazil's state-controlled oil giant, presented its financial performance for the second quarter of 2025, highlighting both its accomplishments and challenges.</li><li>A key takeaway from the earnings discussion was the company's notable increase in oil production, recording an average of 2.3 million barrels of oil per day, a significant rise from the previous quarter.</li><li>The production even ramped up further to 2.47 million barrels per day in July 2025, demonstrating the success of its operational strategies and investment in production capabilities.</li></ul>

Petrobras, Brazil's state-controlled oil giant, presented its financial performance for the second quarter of 2025, highlighting both its accomplishments and challenges.A key takeaway from the earnings discussion was the company's notable increase in oil production, recording an average of 2.3 million barrels of oil per day, a significant rise from the previous quarter.The production even ramped up further to 2.47 million barrels per day in July 2025, demonstrating the success of its operational strategies and investment in production capabilities.

Petrobras’ Production Capacity Shock: How Four Wells Hit 200,000 Barrels a Day Ahead of Schedule!

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 downgraded our global (MSCI ACWI) near-term outlook to neutral in our 3/17/26 Int'l Macro Vision, following ACWI-US breaking below $141.50 support.</li>
<li>The bottom line is that we do not see the S&amp;P 500 (SPX) or MSCI ACWI breaking out to new highs –at least not until we see more downside first.</li>
<li>The growing list of concerns that we have discussed since early-February remains a problem for global equities. Crucial <a href="https://www.smartkarma.com/entities/ishares-msci-acwi-etf" target="_blank" data-smartkarma-citation="entities:24402:1" rel="noopener">iShares MSCI ACWI ETF (ACWI US)</a>  support at $134-$135.70 testing now.</li>
</ul>


We downgraded our global (MSCI ACWI) near-term outlook to neutral in our 3/17/26 Int'l Macro Vision, following ACWI-US breaking below $141.50 support.
The bottom line is that we do not see the S&amp;P 500 (SPX) or MSCI ACWI breaking out to new highs –at least not until we see more downside first.
The growing list of concerns that we have discussed since early-February remains a problem for global equities. Crucial iShares MSCI ACWI ETF (ACWI US)  support at $134-$135.70 testing now.


Stay Defensive. Buys in Global Energy, Materials, Transports, Communications, Utilities, Staples

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.</li>
<li>We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns--notably...</li>
<li>...global defensives Staples (KXI-US), Utilities (JXI-US), RealEstate (RWO-US) at 5+ month RS highs, U.S. dollar (DXY) holding above $96.40, crude oil prices bottoming, gasoline (UGA) breaking out from 3.5+year downtrend.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $141.50 on ACWI-US continue to hold.
We are not fighting the bullish trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring potential concerns--notably...
...global defensives Staples (KXI-US), Utilities (JXI-US), RealEstate (RWO-US) at 5+ month RS highs, U.S. dollar (DXY) holding above $96.40, crude oil prices bottoming, gasoline (UGA) breaking out from 3.5+year downtrend.


Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, Transports

Brazil

Petroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural gas.  The Company refines, markets, and supplies oil products.  Petrobras operates oil tankers, distribution pipelines, marine, river and lake terminals, thermal power plants, fertilizer plants, and petrochemical units.  The Company operates in South America and elsewhere around the world.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Petroleo Brasileiro (PBR/A US)

Petroleo Brasileiro SA - Petrobras’ Record Production Surge: Can Búzios Keep The Momentum Alive?

Petrobras presented operational and financial results for the first quarter of 2026 marked by record production levels and significant progress in...

Baptista Research

Petrobras: Integrating Refining Strategy and Global Exports to Stabilize Growth in Volatile Markets!

Petrobras' recent earnings call revealed a blend of significant achievements and notable challenges. On one hand, the company demonstrated...

Baptista Research

Petrobras’ Production Capacity Shock: How Four Wells Hit 200,000 Barrels a Day Ahead of Schedule!

Petrobras, Brazil's state-controlled oil giant, presented its financial performance for the second quarter of 2025, highlighting both its...

Baptista Research

Stay Defensive. Buys in Global Energy, Materials, Transports, Communications, Utilities, Staples

Thursday's International Compass: Stay Defensive. Actionable Global Sectors: Energy, Materials, Transportation, Communications, Utilities, and...

Vermilion Research

Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, Transports

Defensives Leading; Concerns Persist. Actionable Themes: Staples, Utilities, Energy, and Transports. Remain Overweight Emerging Markets $EEM,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)