The stock of Cheniere Energy Partners, L.P. (NYSE:CQP) is now priced at $34.81 and the shares are -0.87 points down or -2.44% lower compared to its previous closing price of $35.68. The stock had 103018 contracts set over the past session. CQP shares’ daily volume is compared to its average trading volume at 347749 shares. However, it has a float of 40.86 million and although its performance was 7.6% over the week, it’s one to watch. Analysts have given the CQP stock a yearly average price target of $35.67 per share. It means the stock’s upside potential is 2.47% with the CQP share price recently placing at $34.06 to $35.68. However, some brokerage firms have priced the stock below the average, including one that has called $29.
The shorts are running away from the Cheniere Energy Partners, L.P. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the CQP shares have declined. Short interest in the stock represents just 6.36% of its float, but the volume has dropped by 0.
In the last trading session, Cheniere Energy Partners, L.P. (NYSE:CQP) raised by $1.34 over the week and lost -$3.23 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $49.3. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $17.75 at 96.11%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.2. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cheniere Energy Partners, L.P.’s two-week RSI is 51.05. This suggests that the stock is neutral at the moment and that CQP shares’ price movement remains stable. The stochastic readings are equally revealing at 78.77% meaning the CQP share price is currently in oversold territory.
The technical chart shows that the CQP stock will likely settle at between $36.22 and $36.76 per share. However, if the stock dips below $34.6, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $33.52.
Currently, the stock is trading in the green of MACD, with a reading of 0.93. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BMO Capital Markets cut their recommendation for CQP from Market Perform to Underperform in June 09 review while maintai their target price of $34. Barclays analysts upgraded their recommendation of the stock from Equal Weight to Overweight while keeping its target price at $31 in a flash note released to investors on March 24. Credit Suisse seeing the improvements upgraded the stock from Underperform to Neutral on March 12.
The average rating for the CQP equity is 2.76 and is currently gathering a bullish momentum. Of 17 analysts tracking Cheniere Energy Partners, L.P. polled by Reuters, 10 rated CQP as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CQP stock price is 16.09X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 15.2below the group’s average of 35.1. Cheniere Energy Partners, L.P. has its P/E ratio at 21.1, which means that the stock is currently trading at a premium relative to the 1.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Cheniere Energy Partners, L.P. (NYSE:CQP) will decrease by about -1.93%, which will see them reach $1630 million. The company’s full-year revenues are, however, expected to diminish by about -6.58%, down from $6840 million to $6390 million. CQP’s expected adjusted earnings should surge almost 31.82% to end up at $0.58 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 6.22% to record $2.39/share.