How did CQP's Q4 earnings surprise impact annual performance?

Cheniere Energy Partners (CQP) experienced a Q4 net income (FY) surprise of -$0.08 EPS, missing the consensus estimate, resulting in a negative impact on its annual performance.

1. **Impact on Annual Performance**:
- CQP's Q4 earnings fell short of expectations, with the company reporting an EPS of $0.84 for the quarter, below the consensus estimate of $0.92. This shortfall contributed to a decrease in the company's annual earnings.
- The revenue for the quarter was $2.06 billion, which matched the consensus estimate. However, a year-over-year decline of 3.4% in revenue during the same quarter indicated a challenging sales environment.

|code|Ticker|Name|Date|Net Income (FY) YoY|Net Income (FY)|market_code|
|---|---|---|---|---|---|---|
|CQP|CQP.N|Cheniere Energy Partners|2020|0.6808510638297872|1.183E9|169|
|CQP|CQP.N|Cheniere Energy Partners|2021|37.785291631445475|1.63E9|169|
|CQP|CQP.N|Cheniere Energy Partners|2022|53.25153374233129|2.498E9|169|
|CQP|CQP.N|Cheniere Energy Partners|2023|70.29623698959168|4.254E9|169|
|CQP|CQP.N|Cheniere Energy Partners|2024|-40.99670897978373|2.51E9|169|

2. **Institutional Investor Activity**:
- Despite the earnings miss, institutional investors showed interest in CQP. Kovitz Investment Group Partners LLC and Rockefeller Capital Management L.P. acquired new positions in the company during the third quarter, indicating confidence in its long-term prospects.
- However, BNP Paribas Financial Markets reduced its position in CQP by 49.9% during the third quarter, suggesting a less optimistic outlook.
3. **Market Reaction and Analyst Ratings**:
- Following the earnings release, CQP's stock traded down, reflecting investor disappointment in the earnings miss. The company's market cap stood at $24.12 billion with a price-to-earnings ratio of 10.79, indicating moderate valuation pressure.
- Bank of America initiated coverage on CQP with an "underperform" rating and a price target of $46.00, which could further dampen investor sentiment.

In conclusion, while CQP's Q4 earnings surprise had a negative immediate impact on its annual performance, the mixed actions of institutional investors and the analyst ratings suggest a complex landscape for the company's future prospects.