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>Valero Energy Corporation recently reported strong financial results for the fourth quarter of 2025, showcasing its robust operational and commercial performance.</li><li>The company highlighted record refining throughput and ethanol production as a result of its team's commitment to efficient and reliable operations.</li><li>Achievements such as these underline the capability of Valero's infrastructure and its ability to capitalize on favorable market conditions.</li></ul>

Valero Energy Corporation recently reported strong financial results for the fourth quarter of 2025, showcasing its robust operational and commercial performance.The company highlighted record refining throughput and ethanol production as a result of its team's commitment to efficient and reliable operations.Achievements such as these underline the capability of Valero's infrastructure and its ability to capitalize on favorable market conditions.

Valero Energy’s Crude Slate Pivot: Is Heavy Oil the Key to Beating the Refining Cycle?

Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

Independent Energy Equities & Commodities Research

Independent energy equity and commodity boutique

WHB Energy Research LLC

WHB Energy Research LLC is an independent energy industry equity and commodity boutique
providing analysis and trading/investment recommendations to hedge funds, mutual funds, oil
and gas producing companies, energy consuming companies and high net worth individuals.
WHB Energy Research LLC fills a major void by providing top level fundamental and
qualitative research complemented by state of the art quantitative modeling. WHB Energy
Research LLC also engages in physical oil trading activity as an agent/intermediary and also
provides expert witness consultation and testimony. From 2003-2005 Mr. Brown established and
managed an energy hedge fund for a single investor/client. Specialties: Economic and financial
analysis and forecasting of the NYMEX, ICE, and international physical petroleum markets and
energy equities in the integrated, independent producer, refining, drilling, service, and
transportation sectors.

<ul>
<li>We issued reports on February 19 and 23rd recommending that, although refiner equities were anticipated to represent an attractive long-term investment, we anticipated an attractive trading move.</li>
<li>We were looking for gains between the time our reports were issued and June. The war has led to attractive gains well before our expected seasonal peak.</li>
<li>As such, we believe our stocks and the RBOB cracks have run somewhat ahead of themselves, and we believe some trimming of positions to lock in profits is warranted.</li>
</ul>


We issued reports on February 19 and 23rd recommending that, although refiner equities were anticipated to represent an attractive long-term investment, we anticipated an attractive trading move.
We were looking for gains between the time our reports were issued and June. The war has led to attractive gains well before our expected seasonal peak.
As such, we believe our stocks and the RBOB cracks have run somewhat ahead of themselves, and we believe some trimming of positions to lock in profits is warranted.


We Recommend Aggressive Short-Term Traders Trim Length in Refiner Equities and Spring RBOB Cracks

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>4Q25 results beat consensus analyst forecasts. </li><li>Results reflected robust market demand coupled with Valero’s operational efficiency. </li><li>The strong performance was fueled by record refining and ethanol volumes and improved margins, with its oil refining margin up 62% Y/Y to $13.6 per barrel. </li></ul>

4Q25 results beat consensus analyst forecasts. Results reflected robust market demand coupled with Valero’s operational efficiency. The strong performance was fueled by record refining and ethanol volumes and improved margins, with its oil refining margin up 62% Y/Y to $13.6 per barrel. 

VLO: Beats Expectations Again in 4Q25; Ready to Hike Venezuelan Crude Throughput - 30 January 2026

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul>
<li>The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.</li>
<li>These companies support our societal well-being and are less likely to be subject to hype.</li>
<li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li>
</ul>


The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.
These companies support our societal well-being and are less likely to be subject to hype.
By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.


Global Life Essential (Shariah) Portfolio (18-Aug-2026)

<ul><li>Dividends are a key component of overall returns.</li><li>The strategy seeks to invest in high dividend and Shariah compliant stocks globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

Dividends are a key component of overall returns.The strategy seeks to invest in high dividend and Shariah compliant stocks globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

Global Income (Shariah) Portfolio (18-Aug-2026)

United States

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

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

Valero Energy (VLO US)

Valero Energy’s Crude Slate Pivot: Is Heavy Oil the Key to Beating the Refining Cycle?

Valero Energy Corporation recently reported strong financial results for the fourth quarter of 2025, showcasing its robust operational and...

Baptista Research

VLO: Beats Expectations Again in 4Q25; Ready to Hike Venezuelan Crude Throughput - 30 January 2026

4Q25 results beat consensus analyst forecasts. Results reflected robust market demand coupled with Valero’s operational efficiency.

Water Tower Research

Global Life Essential (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services. These companies support our societal...

Crea8

Global Income (Shariah) Portfolio (18-Aug-2026)

Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally. By adopting...

Crea8

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Valero Energy’s Crude Slate Pivot: Is Heavy Oil the Key to Beating the Refining Cycle?

Valero Energy Corporation recently reported strong financial results for the fourth quarter of 2025, showcasing its robust operational and...

Baptista Research

We Recommend Aggressive Short-Term Traders Trim Length in Refiner Equities and Spring RBOB Cracks

​Reports recommended long-term investment in refiner equities, but gains came early due to war, suggesting profit-taking.

William H Brown III

VLO: Beats Expectations Again in 4Q25; Ready to Hike Venezuelan Crude Throughput - 30 January 2026

4Q25 results beat consensus analyst forecasts. Results reflected robust market demand coupled with Valero’s operational efficiency.

Water Tower Research

Global Life Essential (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services. These companies support our societal...

Crea8

Global Income (Shariah) Portfolio (18-Aug-2026)

Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally. By adopting...

Crea8

Reports recommended long-term investment in refiner equities, but gains came early due to war, suggesting profit-taking.