Marketing Segment Continues Its Drag on Keyera; Lowering FVE
Keyera reported second-quarter earnings, and the marketing segment continues to underperform. Operating margin in the segment was CAD 21 million, down from CAD 25 million in the year-ago quarter and well below our expectations. Based on our continued negative outlook in this segment, we are lowering our fair value estimate from CAD 32 per share to CAD 29. We are maintaining our no-moat rating.Keyera reported a second-quarter adjusted operating margin of CAD 161 million, which was in line with o...
Keyera is engaged in the business of operating natural gas midstream businesses in Canada. Midstream entities operate in the oil and gas sector between the upstream sector, which includes oil and gas exploration and production businesses, and the downstream sector, which includes the refining, distribution and retail marketing of finished products. Co. is organized into two integrated businesses, (i) The Gathering and Processing Business Unit which Co. is engaged in owning and operating raw gas gathering pipelines and processing plants and (ii) The Liquids Business Unit consisting of natural gas liquids infrastructure and marketing.
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