# Cheniere Energy Partners, L.P. (CQP)

> Source: Nexqual · https://nexqual.com/CQP · data as of 2026-10-29 14:54 UTC · cite as "Nexqual, Cheniere Energy Partners, L.P. (CQP), nexqual.com/CQP" · informational, not investment advice.

**Price:** USD 65.74 (+1.14% today) · US market open, as of October 29, 2026 at 14:54 UTC; quotes may be delayed. Prev close 65 · day 65.34–66.29 · 52w 49.76–71.25 · market cap $31.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $11.5B, net income $3.14B (27.3% margin), free cash flow $2.79B (SEC filings).
- Valuation: P/E 10.1x, EV/EBITDA 10.0x, net debt $14.0B.
- Analysts: Sell (mean 3.86 on a 1–5 scale) (14 analysts), mean target USD 60.08 (range 51–67).
- Total return with dividends: 1Y +29.7% vs S&P 500 +13.0%; 5Y +109.0% vs S&P 500 +78.9%.
- Next earnings: 2026-10-29, EPS estimate USD 1.17, revenue estimate $2.57B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.44B | $17.2B | $9.66B | $8.70B | $10.8B | $11.5B |
| Operating income | $2.56B | $3.38B | $5.04B | $3.28B | $3.71B | $3.87B |
| Net income | $1.63B | $2.50B | $4.25B | $2.51B | $2.99B | $3.14B |
| EPS (diluted) | $3.00 | — | — | — | — | — |
| Free cash flow | $1.64B | $3.70B | $2.89B | $2.81B | $2.57B | $2.79B |
| Operating margin | 27.1% | 19.6% | 52.1% | 37.7% | 34.4% | 33.6% |
| Net margin | 17.3% | 14.5% | 44.0% | 28.8% | 27.8% | 27.3% |
| Revenue growth | +53.0% | +82.4% | -43.8% | -9.9% | +23.6% | — |
| Cash + short-term investments | $876M | $904M | $575M | $270M | $182M | — |
| Total debt | $17.2B | $16.2B | $15.9B | $15.1B | $14.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.1x · P/S 2.8x · EV/EBITDA 10.0x · EV/Sales 4.0x · P/FCF 11.4x · FCF yield 8.75% · Earnings yield 9.87% · Net debt $14.0B · EV $45.8B

## Analysts
Consensus Sell (mean 3.86 on a 1–5 scale), 14 analysts; mean target USD 60.08 (low 51, high 67).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-04 | JP Morgan | Target raised | Underweight | $64 → $65 |
| 2026-08-24 | RBC Capital | Target raised | Sector Perform | $62 → $65 |
| 2026-08-07 | Barclays | Target raised | Underweight | $63 → $66 |
| 2026-07-24 | JP Morgan | Target raised | Underweight | $63 → $64 |
| 2026-07-15 | Barclays | Target raised | Underweight | $60 → $63 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +29.7% | +109.0% |
| S&P 500 (SPY) | +13.0% | +78.9% |
| Per year | +29.8% | +15.8% |
| Volatility (annualized) | 29.7% | 32.0% |
| Max drawdown | -17.6% (Mar 2026→Jun 2026) | -28.1% (Nov 2022→Mar 2023) |

## Peers (Oil & Gas Midstream)
PBA (Pembina Pipeline Corp.) USD 50.8 +1.48% · VG (Venture Global, Inc.) USD 14.79 +3.03% · PAA (Plains All American Pipeline, L) USD 26.88 +1.03% · WES (Western Midstream Partners, LP) USD 45.56 +1.18% · MPLX (MPLX LP) USD 59.98 +1.78% · VNOM (Viper Energy, Inc.) USD 46.67 +0.45%

## More
Full page: https://nexqual.com/CQP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CQP's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1383650/000138365026000005/cqp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Sabine Pass LNG | "We rely on our general partner to manage all aspects of the development, construction, operations, maintenance and management of the Sabine Pass LNG Terminal and to conduct our business." |
| Partner | Cheniere Energy, Inc. (LNG) | "Cheniere Energy Partners, L.P." |
| Partner | Brookfield Asset Management Ltd. (BAM) | "•Sale of limited partner units by affiliates of our general partner or affiliates of Blackstone Inc. ("Blackstone") or Brookfield Asset Management Inc. ("Brookfield")" |
| Partner | General | "Risks Relating to Our Relationship with Our General Partner" |
| Partner | Blackstone Inc. (BX) | "•Sale of limited partner units by affiliates of our general partner or affiliates of Blackstone Inc. ("Blackstone") or Brookfield Asset Management Inc. ("Brookfield")" |
| Partner | GP | "Cheniere Partners GP, as our general partner, manages our operations and activities." |
| Partner | Delaware | "We are a publicly traded Delaware limited partnership formed by Cheniere." |
| Partner | Dell Technologies (DELL) | "Dell'Amore, Hutton and Peak to the board of directors of our general partner were made pursuant to the rights of CQP Holdco LP (f/k/a Blackstone CQP Holdco LP) ("CQP Holdco") under the Third Amended and Restated Limited …" |
| Partner | Delaware Revised Uniform | "Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act, we may not make a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair value of our assets." |
| Partner | Third Amended and Restated | "Dell'Amore, Hutton and Peak to the board of directors of our general partner were made pursuant to the rights of CQP Holdco LP (f/k/a Blackstone CQP Holdco LP) ("CQP Holdco") under the Third Amended and Restated Limited …" |

## Company outlook (8-K filed 2026-10-29)

- "The term loan is being sized to finance approximately 50% of the total estimated project costs of the first phase."
- "Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project. • 2026 FULL YEAR DISTRIBUTION GUIDANCE 2026 Previous 2026 R"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.17 | $1.13 | +3.2% | $2.57B | 4 |
| Next quarter (ends 2026-12-31) | $1.28 | $1.26 | +1.7% | $2.75B | 4 |
| Current fiscal year (ends 2026-12-31) | $4.97 | $4.48 | +10.9% | $11.26B | 5 |
| Next fiscal year (ends 2027-12-31) | $4.66 | $4.54 | +2.6% | $11.23B | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.30 | $1.01 | Beat +28.7% | — |
| — | Quarter ended Mar 31, 2026 | $1.71 | $1.22 | Beat +40.2% | — |
| — | Quarter ended Dec 31, 2025 | $1.36 | $1.11 | Beat +22.5% | — |
| — | Quarter ended Sep 30, 2025 | $1.09 | $1.11 | Miss −1.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1383650/000138365026000040/0001383650-26-000040-index.htm |
| 2026-10-29 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1383650/000138365026000038/0001383650-26-000038-index.htm |
| 2026-10-23 | 8-K | Other material event — “On October 23, 2026, Cheniere Energy Partners, L.P. (the "Partnership") declared a quarterly cash distribution of $0.890 per common unit payable on November 13, 2026 to unitholders of record as of November 3, 2026. On October 23, 2026, the Partnership issued a press release announcing the distribution, a copy of which is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety. Information included on the Partnership's website is not incorporated…” | https://www.sec.gov/Archives/edgar/data/1383650/000138365026000035/0001383650-26-000035-index.htm |
| 2026-09-02 | S-4 | Registration for a merger | https://www.sec.gov/Archives/edgar/data/1383650/000119312526380449/0001193125-26-380449-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1383650/000138365026000031/0001383650-26-000031-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1383650/000138365026000028/0001383650-26-000028-index.htm |
| 2026-07-28 | 8-K | Other material event — “On July 28, 2026, Cheniere Energy Partners, L.P. (the "Partnership") declared a quarterly cash distribution of $0.820 per common unit payable on August 14, 2026 to unitholders of record as of August 7, 2026. On July 28, 2026, the Partnership issued a press release announcing the distribution, a copy of which is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety. Information included on the Partnership's website is not incorporated herein by…” | https://www.sec.gov/Archives/edgar/data/1383650/000138365026000025/0001383650-26-000025-index.htm |
| 2026-07-14 | 8-K | Director or executive officer change, or pay arrangement — “Michael Jennings and Zamir Rauf were each appointed to the Board of Directors (the "Board") of Cheniere Energy Partners GP, LLC, the general partner (the "General Partner") of Cheniere Energy Partners, L.P. (the "Partnership"), effective as of July 14, 2026. Mr. Jennings was appointed to the Conflicts Committee and the CMI SPA Committee, and Mr. Rauf was appointed to the Conflicts Committee, Audit Committee, and Executive Committee. Mr. Jennings and Mr. Rauf are each considered an independent director and satisfy…” | https://www.sec.gov/Archives/edgar/data/1383650/000138365026000023/0001383650-26-000023-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.