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>SM Energy reported its second quarter 2026 results as the first full quarter operating as a combined entity following its recent merger.</li><li>The company generated $467 million in adjusted free cash flow and returned $137 million to shareholders via dividends and share repurchases.</li><li>It has actioned close to 95% of its $375 million run-rate merger synergy target, recently raised, demonstrating progress in integration efforts, particularly reflected in lower general and administrative costs.</li></ul>

SM Energy reported its second quarter 2026 results as the first full quarter operating as a combined entity following its recent merger.The company generated $467 million in adjusted free cash flow and returned $137 million to shareholders via dividends and share repurchases.It has actioned close to 95% of its $375 million run-rate merger synergy target, recently raised, demonstrating progress in integration efforts, particularly reflected in lower general and administrative costs.

SM Energy’s $375 Million Merger Synergy Engine — 95% Is Already Actioned!

<ul><li>SM Energy’s first quarter 2026 results reflected the early outcomes of its merger with Civitas, signaling progress on operational integration, synergy realization, and financial strengthening.</li><li>The combined entity delivered production at the high end of guidance, with total volumes of 371,000 barrels of oil equivalent per day (BOE/d), including 190,000 barrels per day (bpd) of oil.</li><li>Capital expenditures came in below guidance at $672 million, supporting a production increase while maintaining disciplined investment levels.</li></ul>

SM Energy’s first quarter 2026 results reflected the early outcomes of its merger with Civitas, signaling progress on operational integration, synergy realization, and financial strengthening.The combined entity delivered production at the high end of guidance, with total volumes of 371,000 barrels of oil equivalent per day (BOE/d), including 190,000 barrels per day (bpd) of oil.Capital expenditures came in below guidance at $672 million, supporting a production increase while maintaining disciplined investment levels.

SM Energy’s Unseen Efficiency Story: Wolfcamp, Woodford & Fracturing Gains!

<ul><li>SM Energy's earnings call for the fourth quarter of 2025 highlighted several significant developments and set the tone for its 2026 outlook.</li><li>The company marked notable achievements in production and financial strength by recording high operating cash flow and adjusted EBITDAX, with oil comprising 53% of the total production.</li><li>This improved operational efficiency resulted from strategies like extending laterals and exploring deeper zones across its assets.</li></ul>

SM Energy's earnings call for the fourth quarter of 2025 highlighted several significant developments and set the tone for its 2026 outlook.The company marked notable achievements in production and financial strength by recording high operating cash flow and adjusted EBITDAX, with oil comprising 53% of the total production.This improved operational efficiency resulted from strategies like extending laterals and exploring deeper zones across its assets.

SM Energy: Leveraging The Permian Basin To Maximize Capital Efficiency And Returns!

<ul><li>SM Energy's second quarter 2025 financial results and operations update highlights a strategic focus on targeted growth and leveraging their technical expertise in unconventional resource development.</li><li>Over the past five years, SM Energy has successfully increased net proved reserves and net production by over 60% each, while enhancing their oil percentage and production margins.</li><li>This growth has been achieved without any dilution in share count, and they have effectively reduced leverage by more than a turn since 2020, substantially de-risking the balance sheet.</li></ul>

SM Energy's second quarter 2025 financial results and operations update highlights a strategic focus on targeted growth and leveraging their technical expertise in unconventional resource development.Over the past five years, SM Energy has successfully increased net proved reserves and net production by over 60% each, while enhancing their oil percentage and production margins.This growth has been achieved without any dilution in share count, and they have effectively reduced leverage by more than a turn since 2020, substantially de-risking the balance sheet.

SM Energy: The Uinta Basin Is Finally Scaling — A Look at Rail

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>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

United States

SM Energy Company is an independent energy company that explores for and produces natural gas and crude oil.  The Company's operations are focused on The ArkLaTex, Gulf Coast, Mid-Continent, Rocky Mountains, and Permian Basin regions.

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

Sm Energy Co (SM US)

SM Energy’s $375 Million Merger Synergy Engine — 95% Is Already Actioned!

SM Energy reported its second quarter 2026 results as the first full quarter operating as a combined entity following its recent merger. The...

Baptista Research

SM Energy’s Unseen Efficiency Story: Wolfcamp, Woodford & Fracturing Gains!

SM Energy’s first quarter 2026 results reflected the early outcomes of its merger with Civitas, signaling progress on operational integration,...

Baptista Research

SM Energy: Leveraging The Permian Basin To Maximize Capital Efficiency And Returns!

SM Energy's earnings call for the fourth quarter of 2025 highlighted several significant developments and set the tone for its 2026 outlook. The...

Baptista Research

SM Energy: The Uinta Basin Is Finally Scaling — A Look at Rail

SM Energy's second quarter 2025 financial results and operations update highlights a strategic focus on targeted growth and leveraging their...

Baptista Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)