Cheniere Energy Partners, L.P. (CQP) vs ONEOK, Inc. (OKE)

Cheniere Energy Partners, L.P. and ONEOK, Inc. are both Oil & Gas Midstream companies. ONEOK, Inc. is the larger, with a market value of $57.2B against $30.1B — 1.9× the size. Cheniere Energy Partners, L.P. trades at the lower P/E: 11.1× against 16.1×. ONEOK, Inc. grew revenue faster over the last twelve months: 40.8% against 15.4%. Cheniere Energy Partners, L.P. has the higher net margin (23.1% vs 9.29%) and the higher return on invested capital (16.4% vs 7.02%). Both pay a dividend; Cheniere Energy Partners, L.P. yields more (5.14% vs 4.54%). Across the 23 metrics below, Cheniere Energy Partners, L.P. leads on 16 and ONEOK, Inc. on 7.

Valuation

Metric CQP OKE Oil & Gas Midstream median
P/E 11.14 16.10 12.77
P/S 2.68 1.50 2.36
P/B 40.81 2.56 2.09
Price to free cash flow 11.04 20.28 9.71
EV/EBITDA 9.77 11.81 8.30
EV/Sales 3.89 2.29 3.88
Earnings yield 8.97% 6.21% 7.15%
Free cash flow yield 9.05% 4.93% 6.86%

Profitability

Metric CQP OKE Oil & Gas Midstream median
Gross margin 40.64% 27.21% 56.58%
Operating margin 33.63% 15.52% 34.18%
Net margin 23.11% 9.29% 22.50%
Free cash flow margin 24.23% 7.38% 13.70%
Return on equity 1,283.57% 16.27% 14.65%
Return on assets 15.35% 5.49% 5.00%
Return on invested capital 16.40% 7.02% 6.13%

Growth

Metric CQP OKE Oil & Gas Midstream median
Revenue growth (TTM) 15.44% 40.83% 15.60%
EPS growth (last fiscal year) 21.65% 4.84% (7.86%)
Revenue growth, 5-year CAGR 11.77% 31.53% 9.59%
Net income growth, 5-year CAGR 22.04% 40.87% 0.00%

Health

Metric CQP OKE Oil & Gas Midstream median
Debt to equity 19.16 1.37 0.78
Current ratio 1.22 0.74 1.19
Net debt to EBITDA 3.23 4.40 3.42

Dividend

Metric CQP OKE Oil & Gas Midstream median
Dividend yield 5.14% 4.54% 4.54%
Payout ratio 0.57 0.73 0.76

Size

Metric CQP OKE Oil & Gas Midstream median
Market cap 30.13b 57.15b 3.73b

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