Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Kinetik reported record adjusted EBITDA of $251 million in the first quarter of 2026, exceeding the high end of its prior guidance range, supported by solid performance across its commercial, operational, and financial segments.</li><li>Distributable cash flow stood at $181 million with free cash flow of $101 million.</li><li>The Midstream Logistics segment drove growth with a 12% year-over-year increase to $179 million in adjusted EBITDA on largely flat volumes, benefiting from Gulf Coast takeaway capacity and favorable spread-based marketing gains that offset significant volume curtailments caused by negative regional gas prices.</li></ul>

Kinetik reported record adjusted EBITDA of $251 million in the first quarter of 2026, exceeding the high end of its prior guidance range, supported by solid performance across its commercial, operational, and financial segments.Distributable cash flow stood at $181 million with free cash flow of $101 million.The Midstream Logistics segment drove growth with a 12% year-over-year increase to $179 million in adjusted EBITDA on largely flat volumes, benefiting from Gulf Coast takeaway capacity and favorable spread-based marketing gains that offset significant volume curtailments caused by negative regional gas prices.

Kinetik Holdings Holds Its $950 Million To $1.05 Billion EBITDA Outlook — Here’s Why!