---
title: "Sempra reports November 5 with a Cameron LNG unit down, ECA LNG late, and shares at 24.9 times earnings"
description: "Sempra reports on November 5 with a Cameron LNG train offline, ECA LNG pushed to the fourth quarter, and a 24.9-times earnings price resting on a Texas load queue that no filing yet confirms."
publisher: "The Inference"
section: "Power"
published: 2026-11-01T22:04:07.850Z
modified: 2026-11-01T22:04:07.850Z
canonical: https://theinference.org/article/sempra-reports-november-5-with-a-cameron-lng-unit-down-eca-lng-late-and-shares-at-24-9-times-earnings
language: en
keywords: "Sempra, LNG, Utilities, Earnings, Analyst Targets"
---

# Sempra reports November 5 with a Cameron LNG unit down, ECA LNG late, and shares at 24.9 times earnings

> Sempra reports on November 5 with a Cameron LNG train offline, ECA LNG pushed to the fourth quarter, and a 24.9-times earnings price resting on a Texas load queue that no filing yet confirms.

## The cash engines are running a train short

On October 28, [Sempra](https://theinference.org/markets/companies/sempra), the San Diego energy holding company, said one of three liquefaction trains at Cameron LNG, its Louisiana export plant, [was down for scheduled maintenance](https://www.ad-hoc-news.de/boerse/news/corporate-news/sempra-stock-faces-cameron-lng-maintenance-ahead-of-results/70438417) [1]. Feedgas, the gas piped into the plant, fell to about 1.3 billion cubic feet a day against roughly 2 billion when all three trains run [1]. Sempra Infrastructure owns 50.2% of the 13.5-million-tonne-a-year facility [1]. Mexico is later still: ECA LNG Phase 1 in Ensenada [shipped its first cargo on July 8](https://www.streetinsider.com/PRNewswire/Sempra+Infrastructures+ECA+LNG+Phase+1+Exports+First+LNG+Cargo+from+Mexicos+Pacific+Coast/26748903.html) [2], then found damaged refrigerant compressors during planned inspections, and [substantial completion slipped from summer into the fourth quarter](https://www.ogj.com/pipelines-transportation/lng/news/55394088/sempra-extends-eca-lng-phase-1-commissioning-due-to-compressor-damage) [3].

Sempra [reports third-quarter results before the open on November 5](https://www.marketbeat.com/instant-alerts/upcoming-sempra-energy-sre-set-to-announce-earnings-on-thursday-2026-10-29/): consensus is $1.22 of earnings per share on $3.31 billion of revenue, inside full-year guidance of $4.80 to $5.30 [4].

## The premium buys a queue no filing confirms

The stock closed at $86.06, up 9.8% in a month and down 4.1% for the year, priced at 24.9 times earnings against 20.2 times for US integrated utility peers [5]. The premium buys Texas. Large-load requests in Oncor's Batch Zero review, the process by which the Sempra-controlled Texas utility studies huge new connections, equal about 140% of Oncor's current peak load and carry more than $2 billion of customer collateral, [according to a Simply Wall St valuation narrative](https://uk.finance.yahoo.com/news/sempra-sre-recovery-puts-undervalued-081151666.html) [5]. Searches of Sempra and Oncor releases turn up no filing-grade version of that figure.

The queue is a promise; the collateral behind it is cash. The revenue base underneath has gone sideways meanwhile: $3.33 billion in the third quarter of 2023, $3.00 billion in the second quarter of 2026 [6].

*Chart: **Sempra's quarterly revenue has gone nowhere in three years** Line chart of Sempra's quarterly revenue from the third quarter of 2023 to the second quarter of 2026, holding between 2.8 and 3.8 billion dollars throughout*

*Sempra quarterly revenue, USD billions, Q3 2023 through Q2 2026. Source: Sempra, quarterly figures from its SEC filings, retrieved 1 November 2026. [6]*

## Five banks cut their targets; all still sit above the price

October's trims ran wide: [BofA](https://theinference.org/markets/companies/bank-of-america) to $88 from $101, [Barclays](https://theinference.org/markets/companies/barclays) to $90 from $103, [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs) to $103 from $110, BTIG to $100 from $106, BMO to $97 from $99 [7]. The same desks were already cutting when [Petrobras](https://theinference.org/markets/companies/petrobras) signed its 20-year offtake, [covered here on October 16](https://theinference.org/article/sempra-signs-petrobras-for-20-years-and-five-banks-cut-their-targets-anyway); they did not stop [7].

Consensus across 21 analysts still averages $97.42 against an $86.06 close [7]. The bull case rests on posted money: [HSBC started coverage at Buy with a $97.50 target on October 22](https://ca.marketscreener.com/news/hsbc-initiates-coverage-on-sempra-with-buy-rating-97-50-price-target-ce785cded881f525) [7], the dividend runs $2.63 a year, a 3.1% yield on a 76% payout ratio [4], and second-quarter earnings beat at $1.16 against $1.01 expected [4].

*Chart: **October's cuts took five bank targets down; the lowest still sits above the stock** Paired bars showing each bank's previous and revised Sempra price target, all five revisions landing above the October 31 share price of $86.06*

*Analyst price targets for Sempra, previous versus new, in USD, October 2026 revisions; the stock closed at $86.06 on October 31. Source: MarketScreener ratings log. [7]*

## PG&E opened the California door

On October 22, PG&E chief executive Patti Poppe said her utility [might spin off or sell its four-million-customer gas business to cut wildfire-inflated financing costs](https://www.tdworld.com/utility-business/news/55414573/pges-poppe-floats-gas-business-spin-scenario), and named [Edison International](https://theinference.org/markets/companies/edison-international) and, on a smaller scale, Sempra as issuers paying the same penalty [8]. [PG&E](https://theinference.org/markets/companies/pg-e-corporation) has already cut $2 billion from its 2027 capital plan and promised strategic-review answers by summer [8]. Three readings settle Sempra's month: Cameron feedgas back at 2 billion cubic feet a day or stuck near 1.3, a dated ECA completion, and one filing-grade number for the Texas queue [8].

## Takeaway

Sempra reports November 5 with a Cameron LNG train down for maintenance, ECA LNG completion pushed to the fourth quarter, and a 24.9-times-earnings price that leans on a Texas load queue no filing yet confirms.

## Sources

1. [Ad Hoc News, "Sempra stock faces Cameron LNG maintenance ahead of results", 31 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/sempra-stock-faces-cameron-lng-maintenance-ahead-of-results/70438417)
2. [StreetInsider (PRNewswire), "Sempra Infrastructure's ECA LNG Phase 1 Exports First LNG Cargo from Mexico's Pacific Coast", 8 July 2026](https://www.streetinsider.com/PRNewswire/Sempra+Infrastructures+ECA+LNG+Phase+1+Exports+First+LNG+Cargo+from+Mexicos+Pacific+Coast/26748903.html)
3. [Oil & Gas Journal, "Sempra extends ECA LNG Phase 1 commissioning due to compressor damage", 28 July 2026](https://www.ogj.com/pipelines-transportation/lng/news/55394088/sempra-extends-eca-lng-phase-1-commissioning-due-to-compressor-damage)
4. [MarketBeat, "Sempra Energy (SRE) Set to Announce Earnings on Thursday", 29 October 2026](https://www.marketbeat.com/instant-alerts/upcoming-sempra-energy-sre-set-to-announce-earnings-on-thursday-2026-10-29/)
5. [Simply Wall St via Yahoo Finance UK, "Sempra (SRE) Recovery Puts Its Undervalued Narrative To The Test", 1 November 2026](https://uk.finance.yahoo.com/news/sempra-sre-recovery-puts-undervalued-081151666.html)
6. [Sempra, quarterly figures from its SEC filings, retrieved 1 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208)
7. [MarketScreener (MT Newswires), "HSBC Initiates Coverage on Sempra With Buy Rating, $97.50 Price Target", with October ratings log, 22 October 2026](https://ca.marketscreener.com/news/hsbc-initiates-coverage-on-sempra-with-buy-rating-97-50-price-target-ce785cded881f525)
8. [T&D World, "PG&E's Poppe Floats Gas Business Spin Scenario", 27 October 2026](https://www.tdworld.com/utility-business/news/55414573/pges-poppe-floats-gas-business-spin-scenario)


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Sempra reports November 5 with a Cameron LNG unit down, ECA LNG late, and shares at 24.9 times earnings — The Inference. Canonical: https://theinference.org/article/sempra-reports-november-5-with-a-cameron-lng-unit-down-eca-lng-late-and-shares-at-24-9-times-earnings