Preheat the oven to 350℉.
Heat 2 tablespoons of olive oil in a Dutch oven over medium heat. Add the shallot and cook until soft and translucent, about 3 minutes.
Add the garlic and tomato paste and cook for an additional minute.
Mix in the canned tomatoes, broth, salt, pepper, sugar, oregano, thyme, and basil. Bring the soup to a boil. Once boiling, place the lid on and let the soup simmer on low for 20 minutes.
While the soup simmers, make the baguette toasts. Place the slices of bread on a baking sheet lined with parchment paper, drizzle with the remaining olive oil, and bake for 10 minutes. Set aside.
After the soup has simmered, remove the pot from the stove and stir in the ricotta cheese.
Set the oven to broil.
When ready to serve, add tomato soup to oven-safe bowls. Top with 3-4 slices of toasted baguette and top each bowl with 1 tablespoon of shredded cheddar cheese.
Place the bowls of soup on a baking sheet and broil until the cheese is hot and bubbly, about 1-2 minutes.