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>Targa Resources Corporation reported a first quarter 2026 adjusted EBITDA of $1.4 billion, marking a 5% sequential increase primarily driven by contributions from a recent Permian Basin acquisition and marketing optimization activities.</li><li>Despite encountering challenges such as severe winter weather and producer shut-ins linked to weak Waha natural gas prices, the company achieved record Permian volumes and natural gas liquids (NGL) fractionation volumes.</li><li>Operationally, Permian natural gas inlet volumes reached new highs, bolstered by strong producer activity and acquisitions, though some volume was offset by weather-related shut-ins.</li></ul>

Targa Resources Corporation reported a first quarter 2026 adjusted EBITDA of $1.4 billion, marking a 5% sequential increase primarily driven by contributions from a recent Permian Basin acquisition and marketing optimization activities.Despite encountering challenges such as severe winter weather and producer shut-ins linked to weak Waha natural gas prices, the company achieved record Permian volumes and natural gas liquids (NGL) fractionation volumes.Operationally, Permian natural gas inlet volumes reached new highs, bolstered by strong producer activity and acquisitions, though some volume was offset by weather-related shut-ins.

Targa’s $1.4 Billion Quarter: Can Permian Growth Outrun Waha Pain?

<ul><li>Targa Resources Corp. reported a strong operating and financial performance for 2025, driven by continued volume growth across its integrated Permian footprint and supported by a series of infrastructure expansions already in progress.</li><li>The company delivered record adjusted EBITDA of $4.96 billion for the full year, reflecting higher throughput across gathering and processing, logistics, transportation, and exports, as well as favorable optimization outcomes in marketing.</li><li>Fourth quarter adjusted EBITDA of $1.34 billion rose sequentially, aided by higher system volumes and incremental commercial opportunities, although weather-related disruptions temporarily affected volumes early in 2026 before normalizing.</li></ul>

Targa Resources Corp. reported a strong operating and financial performance for 2025, driven by continued volume growth across its integrated Permian footprint and supported by a series of infrastructure expansions already in progress.The company delivered record adjusted EBITDA of $4.96 billion for the full year, reflecting higher throughput across gathering and processing, logistics, transportation, and exports, as well as favorable optimization outcomes in marketing.Fourth quarter adjusted EBITDA of $1.34 billion rose sequentially, aided by higher system volumes and incremental commercial opportunities, although weather-related disruptions temporarily affected volumes early in 2026 before normalizing.

Why Targa Resources Corp Faces An Execution Bottleneck In 2026?

<ul><li>Targa Resources Corporation's third quarter 2025 earnings call presents a mixed yet optimistic picture of the company's current performance and future trajectory.</li><li>On one hand, the company posted record adjusted EBITDA and achieved substantial growth in NGL and natural gas volumes, primarily driven by increased activity in the Permian Basin.</li><li>This places Targa on track to reach the top end of its annual guidance for 2025.</li></ul>

Targa Resources Corporation's third quarter 2025 earnings call presents a mixed yet optimistic picture of the company's current performance and future trajectory.On one hand, the company posted record adjusted EBITDA and achieved substantial growth in NGL and natural gas volumes, primarily driven by increased activity in the Permian Basin.This places Targa on track to reach the top end of its annual guidance for 2025.

Targa Resources Bets $1.25 Billion On Permian Takeover—Will It Pay Off?

<ul><li>Targa Resources Corporation (TRGP) delivered a robust performance in the second quarter of 2025, reinforcing its position in the energy infrastructure sector.</li><li>The company's results reflect strong execution and operational efficiency, matched with strategic positioning in key production areas.</li><li>Financially, Targa reported adjusted EBITDA of $1.163 billion for the quarter, an 18% increase from the previous year.</li></ul>

Targa Resources Corporation (TRGP) delivered a robust performance in the second quarter of 2025, reinforcing its position in the energy infrastructure sector.The company's results reflect strong execution and operational efficiency, matched with strategic positioning in key production areas.Financially, Targa reported adjusted EBITDA of $1.163 billion for the quarter, an 18% increase from the previous year.

Can Targa Resources Finally Build A Competitive Edge With Largest Sour Gas Treating Capacity!

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>Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...</li>
<li>...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support</li>
<li>Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish</li>
</ul>


Rising DXY, Treasury yields, and now energy commodities breaking out (Bloomberg Commodity index $DJP and WTI crude oil) suggests upside is likely to be capped, but...
...we still continue to see many other risk-on signals. As a result, we view this pullback as a buying opportunity, with all the major indexes testing/holding at support
Looking for support on the S&amp;P 500 at 5850, the 100-day MA (currently 5820), 5765-5770, and 5600-5670. As long as the S&amp;P 500 remains above 5600-5670, our outlook remains bullish


S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

United States

Targa Resources Corp. owns general and limited partner interests in a limited partnership that provides midstream natural gas and natural gas liquid services.  The partnership gathers, compresses, treats, processes, and sells natural gas.  The Company also stores, fractionates, treats, transports, and sells natural gas liquids and related products.

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Targa Resources (TRGP US)

Targa’s $1.4 Billion Quarter: Can Permian Growth Outrun Waha Pain?

Targa Resources Corporation reported a first quarter 2026 adjusted EBITDA of $1.4 billion, marking a 5% sequential increase primarily driven by...

Baptista Research

Why Targa Resources Corp Faces An Execution Bottleneck In 2026?

Targa Resources Corp. reported a strong operating and financial performance for 2025, driven by continued volume growth across its integrated...

Baptista Research

Targa Resources Bets $1.25 Billion On Permian Takeover—Will It Pay Off?

Targa Resources Corporation's third quarter 2025 earnings call presents a mixed yet optimistic picture of the company's current performance and...

Baptista Research

Can Targa Resources Finally Build A Competitive Edge With Largest Sour Gas Treating Capacity!

Targa Resources Corporation (TRGP) delivered a robust performance in the second quarter of 2025, reinforcing its position in the energy...

Baptista Research

S&P 500, Nasdaq 100 Testing Bull Flag Supports; Bullish Breadth Divergences; Buy the Pullback

$SPX and $QQQ $NDX Testing Bull Flag Supports; Bullish Breadth Divergences (SPX and $IWM % above 20-dma); All Major Indexes Above Key Supports $DJI...

Vermilion Research

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