CQP Under Pressure: B of A Securities Signals Caution Amid Institutional Pivot

Analyst Reasserts Bearish Stance on Energy MLP

Bank of America Securities has reaffirmed its Underperform rating on Cheniere Energy Partners, L.P. (CQP) as of mid-December 2025. Despite modest upside potential embedded in consensus estimates, the analyst community maintains a cautious outlook on the energy infrastructure play.

Price Targets Point to Modest Recovery Potential

Current analyst consensus suggests limited room for appreciation, with the average one-year price target standing at $57.12 per share—implying approximately 7% upside from CQP’s recent trading level of $53.37. However, forecasts remain widely dispersed, ranging from a conservative $45.45 to an optimistic $74.55, reflecting divergent views on the company’s trajectory. Revenue projections for the upcoming period are estimated at $9,960 million, representing a 3.38% contraction year-over-year, while non-GAAP earnings per share are anticipated at $4.59.

Institutional Interest Shows Mixed Signals

The institutional landscape presents a nuanced picture. Roughly 230 funds and institutions maintain positions in CQP, down 7 participants from the prior quarter. While average fund portfolio weightings have ticked higher to 0.40%—up 8.20%—total shares held by the institutional complex have declined by 0.12% to 239.44 million. The options market leans constructive, with a put/call ratio of 0.57 suggesting bullish positioning among derivatives traders.

Shareholder Composition Remains Concentrated

Ownership structure is heavily concentrated among major stakeholders. Blackstone maintains a dominant 21.14% stake with 102.35 million shares, unchanged sequentially. Brookfield Asset Management holds a comparable 20.99% position. Among exchange-traded products, AMLP—Alerian MLP ETF has increased its holding to 9.17 million shares (1.89% ownership), up 7.27% from prior quarter, though the fund reduced its relative allocation by 3.59%. Similar patterns appear across other major holders, with Alps Advisors and MIRAE Asset Global ETFs showing modest share accumulation but material portfolio rebalancing activity.

The mixed messaging from both the sell-side research community and institutional investor actions underscores the ongoing debate surrounding CQP’s valuation and growth prospects in the current energy environment.