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 $54.4B against $27.7B — 2.0× the size. Cheniere Energy Partners, L.P. trades at the lower P/E: 9.3× against 13.3×. ONEOK, Inc. grew revenue faster over the last twelve months: 36.8% against 13.2%. Cheniere Energy Partners, L.P. has the higher net margin (23.9% vs 9.42%) and the higher return on invested capital (17.0% vs 6.30%). Both pay a dividend; ONEOK, Inc. yields more (4.94% vs 4.04%). Across the 23 metrics below, Cheniere Energy Partners, L.P. leads on 15 and ONEOK, Inc. on 8.

Valuation

Metric CQP OKE Oil & Gas Midstream median
P/E 9.25 13.32 11.68
P/S 2.39 1.27 2.39
P/B 31.71 1.68 1.68
Price to free cash flow 9.65 21.62 8.52
EV/EBITDA 8.86 10.81 9.03
EV/Sales 3.57 1.92 3.43
Earnings yield 10.81% 7.51% 7.78%
Free cash flow yield 10.36% 4.62% 7.11%

Profitability

Metric CQP OKE Oil & Gas Midstream median
Gross margin 41.11% 25.20% 54.87%
Operating margin 34.16% 14.17% 34.73%
Net margin 23.91% 9.42% 20.12%
Free cash flow margin 24.75% 5.85% 14.43%
Return on equity 1,050.85% 14.89% 11.73%
Return on assets 16.09% 5.77% 4.43%
Return on invested capital 16.98% 6.30% 6.10%

Growth

Metric CQP OKE Oil & Gas Midstream median
Revenue growth (TTM) 13.18% 36.82% 14.88%
EPS growth (last fiscal year) 21.65% 4.84% (7.78%)
Revenue growth, 5-year CAGR 11.77% 31.53% 10.05%
Net income growth, 5-year CAGR 22.04% 40.87% 0.00%

Health

Metric CQP OKE Oil & Gas Midstream median
Debt to equity 16.38 0.88 0.77
Current ratio 1.19 0.84 1.19
Net debt to EBITDA 3.23 4.40 3.46

Dividend

Metric CQP OKE Oil & Gas Midstream median
Dividend yield 4.04% 4.94% 4.94%
Payout ratio 0.37 0.66 0.73

Size

Metric CQP OKE Oil & Gas Midstream median
Market cap 27.70b 54.38b 3.56b

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