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 $57.5B against $30.8B — 1.9× the size. Cheniere Energy Partners, L.P. trades at the lower P/E: 11.1× against 15.3×. 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 (8.27% vs 5.56%). 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 11.12 15.31 13.19
P/S 2.67 1.42 2.60
P/B 40.72 2.43 2.08
Price to free cash flow 11.02 19.28 10.14
EV/EBITDA 9.75 11.44 8.11
EV/Sales 3.89 2.22 3.89
Earnings yield 8.99% 6.53% 6.83%
Free cash flow yield 9.07% 5.19% 6.94%

Profitability

Metric CQP OKE Oil & Gas Midstream median
Gross margin 40.64% 27.21% 58.81%
Operating margin 33.63% 15.52% 32.14%
Net margin 23.11% 9.29% 21.16%
Free cash flow margin 24.23% 7.38% 10.15%
Return on equity 1,283.57% 16.27% 11.30%
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% 15.44%
EPS growth (last fiscal year) 21.65% 4.84% —
Revenue growth, 5-year CAGR 11.77% 31.53% 8.96%
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 8.27% 5.56% 7.29%
Payout ratio — 0.70 0.64

Size

Metric CQP OKE Oil & Gas Midstream median
Market cap 30.81b 57.48b 3.61b

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