See Summer Gas Strength and Increases to Guide Ahead - 1Q26 Earnings Recap

研报英文原文证据摘录

See Summer Gas Strength and Increases to Guide Ahead - 1Q26 Earnings Recap

Midstream

Cheniere Energy

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $240.11 (05/8/2026) See Summer Gas Strength and Increases to

Price Target: $270.00 (Prior $265.00) Guide Ahead - 1Q26 Earnings Recap

BUY (1)

ESG SCORE: 59/100

Jason Gabelman THE TD COWEN INSIGHT

646 562 1309

LNG stock slid following earnings. However, we see the combination of strong summer global

jason.gabelman@tdsecurities.com

gas prices and likelihood of future '26 EBITDA raises as supportive of equity over the next few

Will Avila months. LNG reiterated timing on sanctioning next trains. It is cautiously optimistic on ME

646 562 1344 conflict resulting in more customers, though at the same time noted marketplace competition.

will.avila@tdsecurities.com

Increase PT to $270.

Key Data

Symbol NYSE: LNG Maintain Buy, Increase to $270 PT

Beta: 0.07

LNG underperformed Midstream peers by 6% on its print, now only up 5% since the Middle

52-Week Range: $296.91-$188.83

East conflict started. 1Q26 beat and FY26 EBITDA guide was increased, though the guide

Market Cap: $50.3B

implied downside to rest-of-year consensus. Separately, a negative EPS means it will not be

Net Debt (MM): $24,639.0 considered for S&P500 inclusion. See earnings quick take here.

Cash/Share: $10.45

Dil. Shares Out (MM): 210.5 Despite a lackluster response to earnings, we see near-term upside. Similar to LNG, we expect

Enterprise Value global gas prices to remain strong in the summer as Europe competes with Asia for gas.

$80,099.2

(MM): We expect additional EBITDA raises through the year as we forecast $8B EBITDA ($250MM

BV/Share: $31.07 above high end of guide) incorporating 1MM tpa open capacity at $9/mcf margins and $0.2B