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>Phillips 66 reported its first-quarter earnings for fiscal 2024, emphasizing progress in strategic areas, despite some obstacles encountered during the quarter.</li><li>Mark Lashier, President and CEO, noted strong crude utilization rates during the quarter.</li><li>However, maintenance work limited the company's ability to produce higher-value products, impacting the results.</li></ul>

Phillips 66 reported its first-quarter earnings for fiscal 2024, emphasizing progress in strategic areas, despite some obstacles encountered during the quarter.Mark Lashier, President and CEO, noted strong crude utilization rates during the quarter.However, maintenance work limited the company's ability to produce higher-value products, impacting the results.

Phillips 66: Potential For Expanded Flexibility With Trans Mountain Pipeline & Other Major Developments

<ul><li>Phillips 66 delivered a strong performance in the fourth quarter and for the full year 2023.</li><li>It reported a total shareholder return of 33% in 2023 and also increased its quarterly dividend by 8%.</li><li>The company highlighted its diversified and integrated portfolio as a key aspect of its business strategy, claiming that it delivered strong returns on capital employed and a high payout ratio backed by dividend growth.</li></ul>

Phillips 66 delivered a strong performance in the fourth quarter and for the full year 2023.It reported a total shareholder return of 33% in 2023 and also increased its quarterly dividend by 8%.The company highlighted its diversified and integrated portfolio as a key aspect of its business strategy, claiming that it delivered strong returns on capital employed and a high payout ratio backed by dividend growth.

Phillips 66: Is The Demand Recovery In The Refining Macro Enough To Warrant A Bullish Thesis? - Major Drivers

<ul><li>Phillips 66's results were a major disappointment as the company failed to meet Wall Street's revenue and earnings expectations.</li><li>With a focus on bolstering stable cash flows in Midstream, Phillips 66 capitalizes on burgeoning opportunities in United States natural gas and natural gas liquids production, outpacing crude oil.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Phillips 66's results were a major disappointment as the company failed to meet Wall Street's revenue and earnings expectations.With a focus on bolstering stable cash flows in Midstream, Phillips 66 capitalizes on burgeoning opportunities in United States natural gas and natural gas liquids production, outpacing crude oil.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Phillips 66: A Tale Of Asset Dispositions

<ul><li>Phillips 66 delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The last quarter was marked by strong operational performance and strategic execution, evident in its adjusted earnings of $1.8 billion.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Phillips 66 delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.The last quarter was marked by strong operational performance and strategic execution, evident in its adjusted earnings of $1.8 billion.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Phillips 66: How Strategic Moves Paint a Bright Future Amidst Mixed Results! - Major Drivers

Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").</li>
<li>Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.</li>
<li>This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.</li>
</ul>


This paper contrasts performance of integrated oil exploration and refining firms ("Explorers") with oil refineries ("Refiners").
Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.
This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.


Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

United States

Phillips 66 is a downstream energy company.  The Company's operations include oil refining, marketing and transportation.  Phillips 66's operations also include chemical manufacturing and power generation.

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

Phillips 66 (PSX US)

Phillips 66: Potential For Expanded Flexibility With Trans Mountain Pipeline & Other Major Developments

Phillips 66 reported its first-quarter earnings for fiscal 2024, emphasizing progress in strategic areas, despite some obstacles encountered...

Baptista Research

Phillips 66: Is The Demand Recovery In The Refining Macro Enough To Warrant A Bullish Thesis? - Major Drivers

Phillips 66 delivered a strong performance in the fourth quarter and for the full year 2023. It reported a total shareholder return of 33% in 2023...

Baptista Research

Phillips 66: A Tale Of Asset Dispositions

Phillips 66's results were a major disappointment as the company failed to meet Wall Street's revenue and earnings expectations. With a focus on...

Baptista Research

Phillips 66: How Strategic Moves Paint a Bright Future Amidst Mixed Results! - Major Drivers

Phillips 66 delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par...

Baptista Research

Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

Pure play crude oil refining and marketing firms outperformed integrated oil E&P companies during times of widening crack oil spreads.

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)