Raising Our FVE on Keyera, but Stock Remains in 3-Star Territory
After taking a second look at no-moat Keyera’s fourth-quarter results, we are increasing our fair value estimate to CAD 33 from CAD 31. We now expect increased performance driven by an increase in condensate services as a result of projected oil sands supply growth.Despite the increase, the stock is still trading in 3-star territory. Keyera’s operations don’t enjoy many of the regulatory protections afforded to pipeline operators, highlighted by the absence of strict approval requirements for n...
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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