We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Cheniere Partners (CQP) Shares Dip 6.6% Since Q3 Earnings Miss
Read MoreHide Full Article
Cheniere Energy Partners, L.P.’s (CQP - Free Report) units have declined 6.6% since it reported lower-than-expected earnings for the third quarter of 2022. The downward price movement can be attributed to the partnership’s third-quarter earnings missing the Zacks Consensus Estimate.
The company reported third-quarter earnings per unit of $1.14, missing the Zacks Consensus Estimate of $1.50. However, the bottom line increased from 69 cents per unit in the year-ago quarter.
Total quarterly revenues of $4,976 million were higher than the year-ago level of $2,324 million. The top line beat the Zacks Consensus Estimate of $4,422 million.
Lower-than-expected quarterly earnings resulted from the higher cost of sales, and operating and maintenance expenses. The negatives were partially offset by rise in the volumes of LNG delivered and increased prices per MMBtu of LNG delivered.
Cheniere Energy Partners, LP Price, Consensus and EPS Surprise
Cheniere Partners announced a cash distribution of $1.07 per common unit, comprising a base amount of 77.5 cents and a variable amount of 29.5 cents. The metric suggests a marginal improvement from the prior distribution. The common unit distribution will be paid out on Nov 14, 2022, to unitholders of record as of Nov 3, 2022.
Operations
Cheniere Partners sent 103 cargoes in the third quarter, up from 86 in the year-ago period. Total LNG volumes loaded in the quarter were 363 trillion British thermal units (TBtu), higher than the year-ago level of 308 TBtu.
Adjusted EBITDA in the third quarter was $1,471 million, up from the year-ago level of $738 million. Profits increased in the reported quarter due to a rise in the volumes of LNG delivered and increased prices per MMBtu of LNG delivered.
Costs and Expenses
The cost of sales for the quarter was $4,739 million, up from the year-ago period’s $1,342 million. Operating and maintenance expenses increased to $189 million from $148 million in third-quarter 2021.
Total costs and expenses for the quarter were $5,275 million, significantly up from $1,708 million in the September-end quarter of 2021.
Cash Flow
Cheniere Partners generated an operating net cash flow of $2,442 million for the first nine months of 2022, higher than the year-ago level of $1,667 million.
Balance Sheet
As of Sept 30, 2022, the partnership had $988 million in cash and cash equivalents, declining from $1,111 million at the second-quarter end. Cheniere Partners had a net long-term debt of $15,699 million, higher than $15,693 million at the second-quarter end.
Guidance
For 2022, Cheniere Partners reiterated its guidance for distribution per unit at $4-$4.25.
Zacks Rank & Stocks to Consider
Cheniere Partners currently carries a Zacks Rank #3 (Hold).
Phillips 66 (PSX - Free Report) reported third-quarter 2022 adjusted earnings per share of $6.46, comfortably beating the Zacks Consensus Estimate of $4.98. Strong quarterly earnings were driven by robust refining margins worldwide.
Phillips 66’s board of directors recently authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This represents Phillips 66’s strong focus on returning capital to stockholders
Marathon Petroleum Corporation (MPC - Free Report) reported third-quarter 2022 adjusted earnings per share of $7.81, comfortably beating the Zacks Consensus Estimate of $6.80. The bottom line was favorably impacted by the stronger-than-expected performance of its Refining & Marketing segment.
In October, Marathon Petroleum completed its target to buy back $15 billion in common stock. Currently, MPC has the remaining authorization of $5 billion with no expiration date.
Equinor ASA (EQNR - Free Report) reported third-quarter adjusted earnings per share of $2.12, beating the Zacks Consensus Estimate of $1.78. Strong quarterly earnings were driven by higher commodity prices and production.
For the third of 2022, Equinor’s board increased its extraordinary cash dividend to 70 cents per share from 50 cents per share for the previous quarter. This reflects the firm’s strong commitment to returning capital to shareholders.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Cheniere Partners (CQP) Shares Dip 6.6% Since Q3 Earnings Miss
Cheniere Energy Partners, L.P.’s (CQP - Free Report) units have declined 6.6% since it reported lower-than-expected earnings for the third quarter of 2022. The downward price movement can be attributed to the partnership’s third-quarter earnings missing the Zacks Consensus Estimate.
The company reported third-quarter earnings per unit of $1.14, missing the Zacks Consensus Estimate of $1.50. However, the bottom line increased from 69 cents per unit in the year-ago quarter.
Total quarterly revenues of $4,976 million were higher than the year-ago level of $2,324 million. The top line beat the Zacks Consensus Estimate of $4,422 million.
Lower-than-expected quarterly earnings resulted from the higher cost of sales, and operating and maintenance expenses. The negatives were partially offset by rise in the volumes of LNG delivered and increased prices per MMBtu of LNG delivered.
Cheniere Energy Partners, LP Price, Consensus and EPS Surprise
Cheniere Energy Partners, LP price-consensus-eps-surprise-chart | Cheniere Energy Partners, LP Quote
Cash Distribution
Cheniere Partners announced a cash distribution of $1.07 per common unit, comprising a base amount of 77.5 cents and a variable amount of 29.5 cents. The metric suggests a marginal improvement from the prior distribution. The common unit distribution will be paid out on Nov 14, 2022, to unitholders of record as of Nov 3, 2022.
Operations
Cheniere Partners sent 103 cargoes in the third quarter, up from 86 in the year-ago period. Total LNG volumes loaded in the quarter were 363 trillion British thermal units (TBtu), higher than the year-ago level of 308 TBtu.
Adjusted EBITDA in the third quarter was $1,471 million, up from the year-ago level of $738 million. Profits increased in the reported quarter due to a rise in the volumes of LNG delivered and increased prices per MMBtu of LNG delivered.
Costs and Expenses
The cost of sales for the quarter was $4,739 million, up from the year-ago period’s $1,342 million. Operating and maintenance expenses increased to $189 million from $148 million in third-quarter 2021.
Total costs and expenses for the quarter were $5,275 million, significantly up from $1,708 million in the September-end quarter of 2021.
Cash Flow
Cheniere Partners generated an operating net cash flow of $2,442 million for the first nine months of 2022, higher than the year-ago level of $1,667 million.
Balance Sheet
As of Sept 30, 2022, the partnership had $988 million in cash and cash equivalents, declining from $1,111 million at the second-quarter end. Cheniere Partners had a net long-term debt of $15,699 million, higher than $15,693 million at the second-quarter end.
Guidance
For 2022, Cheniere Partners reiterated its guidance for distribution per unit at $4-$4.25.
Zacks Rank & Stocks to Consider
Cheniere Partners currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Phillips 66 (PSX - Free Report) reported third-quarter 2022 adjusted earnings per share of $6.46, comfortably beating the Zacks Consensus Estimate of $4.98. Strong quarterly earnings were driven by robust refining margins worldwide.
Phillips 66’s board of directors recently authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This represents Phillips 66’s strong focus on returning capital to stockholders
Marathon Petroleum Corporation (MPC - Free Report) reported third-quarter 2022 adjusted earnings per share of $7.81, comfortably beating the Zacks Consensus Estimate of $6.80. The bottom line was favorably impacted by the stronger-than-expected performance of its Refining & Marketing segment.
In October, Marathon Petroleum completed its target to buy back $15 billion in common stock. Currently, MPC has the remaining authorization of $5 billion with no expiration date.
Equinor ASA (EQNR - Free Report) reported third-quarter adjusted earnings per share of $2.12, beating the Zacks Consensus Estimate of $1.78. Strong quarterly earnings were driven by higher commodity prices and production.
For the third of 2022, Equinor’s board increased its extraordinary cash dividend to 70 cents per share from 50 cents per share for the previous quarter. This reflects the firm’s strong commitment to returning capital to shareholders.