Cheniere Energy Inc

LNG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$588.00	Dxgn	Vjxlfhbdg

Cheniere Earnings: Capital Allocation Shifts to Stock Buybacks

Stephen Ellis

May 3, 2024

Cheniere Energy’s first-quarter earnings point to modest upside to our estimates in the near term and toward the very top end of management's 2024 EBITDA guidance of $5.5 billion-$6.0 billion compared with our $5.9 billion forecast. As usual, the upside is attributable to marketing profits, where Cheniere can capture the benefits of higher liquefied natural gas prices globally. We expect to leave our $161 fair value estimate and wide moat rating unchanged.

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