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

Plains All American Pipeline, L.P. / Equity Bottom-Up

Plains All American Pipeline, L.P. (PAA US)

<ul><li>Plains All American Pipeline (PAA) reported strong third-quarter 2025 results, delivering an adjusted EBITDA of $669 million.</li><li>The company is continuing its strategic focus on becoming a leading North American pure-play crude midstream entity.</li><li>A significant move in this direction is the pending sale of its Natural Gas Liquids (NGL) business, expected to conclude by the first quarter of 2026.</li></ul>

Plains All American Pipeline (PAA) reported strong third-quarter 2025 results, delivering an adjusted EBITDA of $669 million.The company is continuing its strategic focus on becoming a leading North American pure-play crude midstream entity.A significant move in this direction is the pending sale of its Natural Gas Liquids (NGL) business, expected to conclude by the first quarter of 2026.

Plains All American Pipeline Eyes Canadian Crude Routes—Could This Unlock Massive New Revenue?

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

<p>In last week's <em>Compass</em> we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.</p>

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

<ul><li>Plains All American Pipeline reported a solid financial performance in their second quarter of 2025 with an adjusted EBITDA of $672 million attributable to the company.</li><li>This performance was underpinned by growth in the Permian segment and contributions from recent bolt-on acquisitions.</li><li>However, the NGL segment experienced a sequential decline due to typical seasonal factors and lower frac spreads, reflected in a $87 million in adjusted EBITDA for that segment.</li></ul>

Plains All American Pipeline reported a solid financial performance in their second quarter of 2025 with an adjusted EBITDA of $672 million attributable to the company.This performance was underpinned by growth in the Permian segment and contributions from recent bolt-on acquisitions.However, the NGL segment experienced a sequential decline due to typical seasonal factors and lower frac spreads, reflected in a $87 million in adjusted EBITDA for that segment.

Plains All American Pipeline: Optimizing the Crude Oil Portfolio to Help Alter The Playing Field?

<ul><li>Plains All American Pipeline, during their first quarter 2025 performance review, presented a balanced view of their current operations amid an uncertain market landscape.</li><li>The challenges of ongoing trade tariff uncertainties and fluctuating OPEC relations have introduced significant market volatility, impacting commodity prices.</li><li>Consequently, Plains remains cautious in its financial projections but maintains an optimistic medium to long-term outlook.</li></ul>

Plains All American Pipeline, during their first quarter 2025 performance review, presented a balanced view of their current operations amid an uncertain market landscape.The challenges of ongoing trade tariff uncertainties and fluctuating OPEC relations have introduced significant market volatility, impacting commodity prices.Consequently, Plains remains cautious in its financial projections but maintains an optimistic medium to long-term outlook.

Plains All American Delivers Cash Flow Strength—$1.1 Billion to Fuel High-Return Projects!

<ul><li>Plains All American Pipeline, LP reported its first-quarter 2025 results with an adjusted EBITDA of $754 million.</li><li>This performance was achieved amidst a volatile market environment influenced by ongoing trade tariff uncertainties and dissension among OPEC members, which has affected economic forecasts and commodity pricing.</li><li>From a strategic standpoint, Plains All American continues to focus on efficient growth initiatives, with significant attention paid to generating free cash flow and sustaining a flexible balance sheet.</li></ul>

Plains All American Pipeline, LP reported its first-quarter 2025 results with an adjusted EBITDA of $754 million.This performance was achieved amidst a volatile market environment influenced by ongoing trade tariff uncertainties and dissension among OPEC members, which has affected economic forecasts and commodity pricing.From a strategic standpoint, Plains All American continues to focus on efficient growth initiatives, with significant attention paid to generating free cash flow and sustaining a flexible balance sheet.

Plains GP Holdings: Resilient Crude Oil Has Become A Critical Factor Driving Growth!

United States

Plains All American Pipeline, L.P. is involved in intrastate crude oil pipeline transportation and terminalling storage activities. The Partnership is also involved in gathering and marketing activities. Plains owns and operates a seasonally heated, common carrier crude oil pipe-line extending from CA to TX, and an oil gathering system in CA.

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Plains All American Pipeline, L.P. (PAA US)

Plains All American Pipeline Eyes Canadian Crude Routes—Could This Unlock Massive New Revenue?

Plains All American Pipeline (PAA) reported strong third-quarter 2025 results, delivering an adjusted EBITDA of $669 million. The company is...

Baptista Research

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

We continue to see compelling signals that suggest risk appetites are improving, which is bullish for the broad market. As a result, we are moving...

Vermilion Research

Plains All American Pipeline: Optimizing the Crude Oil Portfolio to Help Alter The Playing Field?

Plains All American Pipeline reported a solid financial performance in their second quarter of 2025 with an adjusted EBITDA of $672 million...

Baptista Research

Plains All American Delivers Cash Flow Strength—$1.1 Billion to Fuel High-Return Projects!

Plains All American Pipeline, during their first quarter 2025 performance review, presented a balanced view of their current operations amid an...

Baptista Research

Plains GP Holdings: Resilient Crude Oil Has Become A Critical Factor Driving Growth!

Plains All American Pipeline, LP reported its first-quarter 2025 results with an adjusted EBITDA of $754 million. This performance was achieved...

Baptista Research

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