Cheniere Energy Partners beat Wall Street expectations in the first quarter, thanks to higher LNG exports from its Sabine Pass terminal.
The Houston-based company posted $385m in profit for the first three months of 2019, good for $0.75 per share and considerably higher than the $0.56 consensus forecast.
The profit is a growth of $50m year-over-year.
In mid-March, the fifth of six trains at the Sabine Pass terminal came on line. The additional capacity pushed both cargoes and volumes higher from the first quarter last year. The sixth train is expected to be completed in the second quarter.
Stifel analyst Ben Nolan said the earnings beat his and consensus estimates "significantly" and came even as commodities prices were low for the quarter.
He has a hold rating on the stock and a target price of $40.
"With the solid beat, we expect the units to trade up," he said.
In late trading Thursday, Cheniere shares were down 2.17%, or $0.94, to $42.36.
