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Cheniere Energy Partners
(NYSE:CQP)
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Rating:72Outperform
Price Target:
$63.00
â–²(4.53% Upside)
Action:Upgraded
Date:06/10/26
The score reflects strong earnings-call momentum (raised 2026 guidance and operational progress) and solid valuation/income (moderate P/E and ~5.1% yield), supported by an improving technical trend. The main constraint is financial risk from high leverage and a very thin equity buffer despite robust cash generation.
Positive Factors
Cash Generation Quality
Consistent ~ $3.0B TTM operating and free cash flow underpins durable funding for distributions, buybacks, growth capex and debt servicing. Strong cash conversion (FCF ≈ net income) reduces reliance on external financing and supports long‑term capital allocation flexibility.
Negative Factors
High Leverage / Thin Equity Cushion
A very small equity base magnifies leverage risk and reduces balance‑sheet resilience to shocks. Large outstanding debt loads constrain flexibility for unforeseen capex, prolong stressed market periods, or commodity-driven margin compression and increase refinancing and covenant sensitivity risks.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation Quality
Consistent ~ $3.0B TTM operating and free cash flow underpins durable funding for distributions, buybacks, growth capex and debt servicing. Strong cash conversion (FCF ≈ net income) reduces reliance on external financing and supports long‑term capital allocation flexibility.
Read all positive factors
Cheniere Energy Partners Key Performance Indicators (KPIs)
Any
Revenue by Type
Breaks revenue into sources such as fixed capacity or tolling fees, commodity sales, and terminal or regasification services. Shows how much revenue is predictable versus exposed to LNG price swings: a larger share of fixed fees implies steadier cash flow, while commodity-linked sales increase upside and volatility, revealing the company’s risk profile and strategic emphasis on contracted versus merchant business.
Breaks revenue into sources such as fixed capacity or tolling fees, commodity sales, and terminal or regasification services. Shows how much revenue is predictable versus exposed to LNG price swings: a larger share of fixed fees implies steadier cash flow, while commodity-linked sales increase upside and volatility, revealing the company’s risk profile and strategic emphasis on contracted versus merchant business.
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The Fly
The FlyCheniere Energy Partners (CQP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.70B
Dividend Yield6.07%
Average Volume (3M)149.08K
Price to Earnings (P/E)13.8
Beta (1Y)0.27
Revenue Growth20.96%
EPS Growth2.82%
CountryUS
Employees1,530
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.75
Shares Outstanding484,054,140
10 Day Avg. Volume92,037
30 Day Avg. Volume149,083
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)8.20
Price to Sales (P/S)2.41
P/FCF Ratio10.08
Enterprise Value/Market Cap1.35
Enterprise Value/Revenue3.77
Enterprise Value/Gross Profit12.05
Enterprise Value/Ebitda11.88
Forecast
1Y Price Target
$58.50Price Target Upside-2.94% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)3.93
Revenue Forecast (FY)$12.29B
Cheniere Energy Partners Business Overview & Revenue Model
Company Description
Cheniere Energy Partners, L.P. (CQP), through its various subsidiaries, oversees and operates a major natural gas liquefaction and export complex. This significant facility is located at the Sabine Pass liquefied natural gas (LNG) terminal in Came...
How the Company Makes Money
CQP primarily makes money by providing LNG liquefaction and terminal services at the Sabine Pass LNG facility under long-term, fee-based contracts. The core revenue stream is capacity-style payments from customers (often called fixed fees) for the...
Cheniere Energy Partners Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
Overall the call was constructive and confidence-inspiring: management reported record exports, strong adjusted quarterly cash generation (adjusted EBITDA > $2.3B and DCF ~$1.7B), upwardly revised full-year guidance, accelerated production and project progress (stage three ~97% complete; Train 6 imminent), disciplined capital allocation (buybacks, dividend, debt paydown) and credit upgrades. These positives are tempered by a significant GAAP net loss driven by non-cash derivative mark-to-market swings, sizable near-term market volatility and geopolitical-driven supply disruptions (including ~7 million tonnes/month impacted through the Strait closure), and timing/operational risks that create sensitivity around guidance. On balance, the operational and financial momentum and upgraded guidance outweigh the near-term market and accounting headwinds.Positive Updates
Record Quarterly Production and Exports
Produced and exported a record 187 cargos through March (Q1 2026), topping the prior quarterly record. Recognized ~646 TBtu of LNG produced in Q1.
Negative Updates
GAAP Net Loss Driven by Unrealized Derivatives
Reported a GAAP net loss of approximately $3.5 billion in Q1 2026, primarily due to unrealized non-cash derivative mark-to-market losses related to long-term IPM agreements and accounting mismatches; these are expected to unwind over time as contracts are realized.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Production and Exports
Produced and exported a record 187 cargos through March (Q1 2026), topping the prior quarterly record. Recognized ~646 TBtu of LNG produced in Q1.
Read all positive updates
Company Guidance
Cheniere raised full‑year 2026 guidance to consolidated adjusted EBITDA of $7.25–$7.75 billion (midpoint up ≈$500 million) and distributable cash flow (DCF) of $4.75–$5.25 billion (midpoint up ≈$400 million), while maintaining CQP distribution guidance of $3.10–$3.40 per common unit; the company also increased its 2026 production outlook by ~1 million tons to ~52–54 million tons and expects <1 million tons (≲50 TBtu) of unsold volumes, with a $1 change in market margins estimated to move full‑year EBITDA by <$50 million. The upgrade was supported by Q1 results of consolidated adjusted EBITDA >$2.3 billion and DCF ≈$1.7 billion, a record 187 cargos exported through March, and operational progress (CCDL Stage 3 ~97% complete; Train 5 substantial completion in March; Train 6 first LNG imminent). In Q1 Cheniere repurchased ~2.7 million shares for ≈$535 million, deployed ≈$1.2 billion to capital allocation (including ≈$1.0 billion growth CapEx: ≈$300 million equity / ≈$700 million debt), repaid >$250 million of debt, declared a $0.555/share dividend (~$116 million payout), issued $1.0 billion (2036) and $750 million (2056) notes, and finished the quarter with ≈$1.8 billion cash plus substantial undrawn revolver/term‑loan capacity while retaining over $9 billion of buyback authorization and targeting ~175 million shares outstanding by decade‑end.Cheniere Energy Partners Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
38
Negative
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.37B | 10.76B | 8.70B | 9.66B | 17.21B | 9.43B |
| Gross Profit | 3.56B | 3.69B | 4.45B | 6.25B | 4.47B | 3.49B |
| EBITDA | 3.60B | 4.43B | 3.99B | 5.75B | 4.00B | 3.02B |
| Net Income | 2.52B | 2.99B | 2.51B | 4.25B | 2.50B | 1.63B |
Balance Sheet | ||||||
| Total Assets | 17.11B | 17.44B | 17.45B | 18.10B | 19.63B | 19.36B |
| Cash, Cash Equivalents and Short-Term Investments | 301.00M | 201.00M | 379.00M | 575.00M | 904.00M | 974.00M |
| Total Debt | 14.22B | 14.69B | 15.27B | 15.99B | 16.31B | 17.27B |
| Total Liabilities | 17.03B | 17.02B | 17.96B | 18.89B | 21.76B | 18.64B |
| Stockholders Equity | 2.94B | 3.16B | 1.82B | 1.04B | -1.12B | 1.02B |
Cash Flow | ||||||
| Free Cash Flow | 3.02B | 2.57B | 2.81B | 2.89B | 3.70B | 1.64B |
| Operating Cash Flow | 3.01B | 2.77B | 2.97B | 3.11B | 4.15B | 2.29B |
| Investing Cash Flow | -176.00M | -204.00M | -162.00M | -227.00M | -451.00M | -648.00M |
| Financing Cash Flow | -2.71B | -2.74B | -3.06B | -3.25B | -3.68B | -1.98B |
Cheniere Energy Partners Technical Analysis
Positive
60.27
Price Trends
62.61
Positive
62.52
Positive
57.38
Positive
Market Momentum
0.36
Negative
59.25
Neutral
88.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CQP, the sentiment is Positive. The current price of 60.27 is below the 20-day moving average (MA) of 61.49, below the 50-day MA of 62.61, and above the 200-day MA of 57.38, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 59.25 is Neutral, neither overbought nor oversold. The STOCH value of 88.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CQP.
Cheniere Energy Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $19.22B | 14.47 | 34.98% | 9.13% | 11.43% | -8.64% | |
72 Outperform | $31.70B | 13.79 | 95.30% | 6.07% | 20.96% | 2.82% | |
70 Outperform | $54.68B | 42.56 | 23.48% | 1.07% | 24.15% | -55.07% | |
67 Neutral | $16.32B | 17.17 | 11.77% | 8.54% | -9.94% | 43.70% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $59.64B | 27.69 | 73.92% | 2.03% | -1.23% | 80.28% | |
65 Neutral | $30.76B | 12.92 | 35.62% | 0.95% | 139.83% | 89.63% |
* Energy Sector Average
CQP
Cheniere Energy Partners
64.88
13.23
25.63%
LNG
Cheniere Energy
261.29
29.33
12.65%
PAA
Plains All American
22.83
5.56
32.21%
TRGP
Targa Resources
273.02
106.10
63.56%
WES
Western Midstream Partners
44.87
9.02
25.16%
VG
Venture Global, Inc. Class A
12.53
-4.22
-25.18%
Cheniere Energy Partners Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Cheniere Energy Partners Issues $1.75 Billion Senior Notes
Positive
Jun 9, 2026
On June 9, 2026, Cheniere Energy Partners closed a private placement of $1.75 billion in senior unsecured notes, issuing $1 billion of 5.350% notes due 2036 and $750 million of 6.050% notes due 2056. The notes, which are guaranteed by certain curr...
Business Operations and StrategyRegulatory Filings and Compliance
Cheniere Energy Partners Advances Sabine Pass Expansion Phase
Positive
May 28, 2026
On May 22, 2026, Cheniere Energy Partners’ subsidiary Sabine Pass Liquefaction Stage V, LLC signed a $4.69 billion lump-sum, turnkey EPC contract with Bechtel Energy for Phase 1 of the Sabine Pass Expansion Project and issued a limited notic...
Business Operations and StrategyPrivate Placements and Financing
Cheniere Energy Partners Issues New Notes, Redeems 2027 Debt
Positive
May 27, 2026
On May 26, 2026, Cheniere Energy Partners, L.P. entered into a purchase agreement with a syndicate led by BofA Securities to issue $1 billion of 5.350% senior notes due 2036 and $750 million of 6.050% senior notes due 2056, both priced slightly be...
Dividends
Cheniere Energy Partners Announces Quarterly Cash Distribution
Neutral
Apr 28, 2026
On April 28, 2026, Cheniere Energy Partners declared a quarterly cash distribution of $0.790 per common unit, consisting of a $0.775 base amount and a $0.015 variable component, payable on May 15, 2026 to unitholders of record as of May 8, 2026, a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.