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>Sempra’s second quarter 2026 financial results indicate continued operational strength across its utility segments, supported by notable growth in Texas electricity demand and ongoing infrastructure investments.</li><li>The company reported GAAP earnings of $796 million ($1.21 per share), a substantial increase from the previous year’s $461 million ($0.71 per share).</li><li>Adjusted earnings similarly rose to $762 million ($1.16 per share) from $583 million ($0.89 per share) in the second quarter of 2025, attributed primarily to higher equity earnings and base rate adjustments in Sempra Texas, alongside incremental gains in Sempra California and Sempra Infrastructure.</li></ul>

Sempra’s second quarter 2026 financial results indicate continued operational strength across its utility segments, supported by notable growth in Texas electricity demand and ongoing infrastructure investments.The company reported GAAP earnings of $796 million ($1.21 per share), a substantial increase from the previous year’s $461 million ($0.71 per share).Adjusted earnings similarly rose to $762 million ($1.16 per share) from $583 million ($0.89 per share) in the second quarter of 2025, attributed primarily to higher equity earnings and base rate adjustments in Sempra Texas, alongside incremental gains in Sempra California and Sempra Infrastructure.

Sempra’s Next Big Catalyst — 44 GW Of Demand Meets A $57.5 Billion Texas Opportunity!

<ul><li>Sempra Energy reported first quarter 2026 GAAP earnings of $1.037 billion, or $1.58 per diluted share, marking an increase from $906 million, or $1.39 per share, in the same period last year.</li><li>Adjusted earnings reached $991 million, or $1.51 per share, compared to $942 million, or $1.44 per share, in the prior year.</li><li>The financial results reflect progress toward the company’s 2026 initiatives, notably a $13 billion investment plan in transmission and distribution (T&D) energy infrastructure, with $3 billion deployed in the first quarter, supporting the targeted capital deployment for the year.</li></ul>

Sempra Energy reported first quarter 2026 GAAP earnings of $1.037 billion, or $1.58 per diluted share, marking an increase from $906 million, or $1.39 per share, in the same period last year.Adjusted earnings reached $991 million, or $1.51 per share, compared to $942 million, or $1.44 per share, in the prior year.The financial results reflect progress toward the company’s 2026 initiatives, notably a $13 billion investment plan in transmission and distribution (T&D) energy infrastructure, with $3 billion deployed in the first quarter, supporting the targeted capital deployment for the year.

Sempra Energy’s Hidden $10 Billion Texas Opportunity: Data Centers Or Hype?

<ul><li>Sempra reported fourth-quarter and full-year 2025 results that reflected continued execution on a strategy centered on simplification, stronger financial positioning, and growth led increasingly by regulated utility investment.</li><li>Adjusted EPS for 2025 reached a record $4.69, landing at the high end of guidance, supported by $13 billion of capital spending and improved performance across regulated utility operations, especially in California and Texas.</li><li>The company introduced a $65 billion capital plan for 2026 through 2030, up 17% from the prior plan.</li></ul>

Sempra reported fourth-quarter and full-year 2025 results that reflected continued execution on a strategy centered on simplification, stronger financial positioning, and growth led increasingly by regulated utility investment.Adjusted EPS for 2025 reached a record $4.69, landing at the high end of guidance, supported by $13 billion of capital spending and improved performance across regulated utility operations, especially in California and Texas.The company introduced a $65 billion capital plan for 2026 through 2030, up 17% from the prior plan.

Sempra Energy: A $9 Billion Upside Pipeline Adds To The Capital Debate

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 will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold</li>
<li>We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.</li>
<li>We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold
We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.
We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight


Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

<ul>
<li>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

United States

Sempra Energy is an energy services holding company with operations throughout the United States, Mexico, and other countries in South America.  The Company, through its subsidiaries, generates electricity, delivers natural gas, operates natural gas pipelines and storage facilities, and operates a wind power generation project.

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

Sempra Energy (SRE US)

Sempra’s Next Big Catalyst — 44 GW Of Demand Meets A $57.5 Billion Texas Opportunity!

Sempra’s second quarter 2026 financial results indicate continued operational strength across its utility segments, supported by notable growth in...

Baptista Research

Sempra Energy’s Hidden $10 Billion Texas Opportunity: Data Centers Or Hype?

Sempra Energy reported first quarter 2026 GAAP earnings of $1.037 billion, or $1.58 per diluted share, marking an increase from $906 million, or...

Baptista Research

Sempra Energy: A $9 Billion Upside Pipeline Adds To The Capital Debate

Sempra reported fourth-quarter and full-year 2025 results that reflected continued execution on a strategy centered on simplification, stronger...

Baptista Research

Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

Upgrading Staples $XLP to Overweight; Downgrading Services. Cautious $SPX $QQQ; Market Dynamics Deteriorating as Defensives Take the Lead $XLU...

Vermilion Research

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)