reports
Keyera Corp: 1 director
A director at Keyera Corp sold 44,400 shares at 32.960CAD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
For KEYERA, the environment deterioration entails a downgrade to Neutr...
KEYERA (CA), a company active in the Integrated Oil & Gas industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date March 15, 2022, the closing price was CAD 28.96 and its expected value was estimated at CAD 29...
- Joe Gemino
Morningstar | Raising Our Fair Value Estimate for Keyera Corp, but Sto...
After taking a second look at no-moat Keyera’s first-quarter results, we are increasing our fair value estimate to CAD 34 from CAD 33 driven by the addition of the Key Access Pipeline System to the growth portfolio. 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 new projects. Most of the company’s operatio...
- Joe Gemino
Morningstar | Raising Our Fair Value Estimate for Keyera Corp, but Sto...
After taking a second look at no-moat Keyera’s first-quarter results, we are increasing our fair value estimate to CAD 34 from CAD 33 driven by the addition of the Key Access Pipeline System to the growth portfolio. 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 new projects. Most of the company’s operatio...
- Joe Gemino
Raising Our Fair Value Estimate for Keyera Corp, but Stock Looks Fairl...
After taking a second look at no-moat Keyera’s first-quarter results, we are increasing our fair value estimate to CAD 34 from CAD 33 driven by the addition of the Key Access Pipeline System to the growth portfolio. 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 new projects. Most of the company’s operatio...
- Joe Gemino
Morningstar | Keyera Misses Our Expectations; Stock Looks Fairly Value...
No-moat Keyera reported disappointing first-quarter results that missed our expectations. The company reported adjusted EBITDA of CAD 164 million, or CAD 0.78 per share, down from CAD 189 million, or CAD 0.92 per share, in the year-ago quarter. Distributable cash flow was also below our expectations at CAD 108 million, or CAD 0.51 per share and down from the first quarter of 2018, which was CAD 155 million or CAD 0.75 per share. The worse-than-expected performance was driven by a sharp decline i...
- Joe Gemino
Keyera Misses Our Expectations; Stock Looks Fairly Valued
No-moat Keyera reported disappointing first-quarter results that missed our expectations. The company reported adjusted EBITDA of CAD 164 million, or CAD 0.78 per share, down from CAD 189 million, or CAD 0.92 per share, in the year-ago quarter. Distributable cash flow was also below our expectations at CAD 108 million, or CAD 0.51 per share and down from the first quarter of 2018, which was CAD 155 million or CAD 0.75 per share. The worse-than-expected performance was driven by a sharp decline i...
- Joe Gemino
Morningstar | Raising Our FVE on Keyera, but Stock Remains in 3-Star T...
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 requirement...
- Joe Gemino
Morningstar | Keyera Remains in 3-Star Territory
Keyera operates as a midstream energy business in western Canada. Its primary segments consist of gathering and processing, liquids infrastructure, and marketing. The gathering and processing business operates raw natural gas gathering pipelines and processing plants in Alberta. Keyera processes, stores, and transports crude oil and natural gas byproducts, such as natural gas liquids, within its liquids infrastructure business, supplemented by the marketing of propane, butane, condensate, and is...
- Joe Gemino
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...
- Joe Gemino
Morningstar | Keyera Shatters Market Expectations
No-moat Keyera’s fourth-quarter results shattered expectations. The company reported adjusted EBITDA of CAD 248 million, or CAD 1.18 per share, up from CAD 197 million, or CAD 0.97 per share, in the year-ago quarter. Distributable cash flow was also above expectations at CAD 200 million, or CAD 0.96 per share. Distributable cash flow was also up from CAD 174 million, or CAD 0.90 per share, during the fourth quarter of 2017. Better-than-expected performance was driven by record performance from...
- Joe Gemino
Pipeline Expansions Are Canada's Lifelines
Canada’s oil supply continues to surpass expectations, and aided by technological advancements, namely solvent-assisted technology, there is no shortage of economic growth opportunities. But pipelines are operating at maximum capacity, leaving few options to move new supply out of the country. To make matters worse, needed expansion projects continue to hit road bumps. With limited market access, Canadian crude sold at record lows during the fourth quarter of 2018. To combat low prices, Canada...
- Joe Gemino
Morningstar | Keyera Misses Our Expectations; Stock Still in 3-Star Te...
No-moat Keyera reported third-quarter earnings that missed our expectations. The company reported adjusted EBITDA of CAD 160 million, or CAD 0.77 per share, up from CAD 138 million, or CAD 0.73 per share, in the year-ago quarter but down sequentially. Distributable cash flow was also below our expectations at CAD 127 million or CAD 0.61 per share. However, distributable cash flow was up from CAD 108 million or CAD 0.57 during the third quarter of 2017 but also down sequentially. Lower-than-expec...
- Joe Gemino
Morningstar | Keyera Aims to Grow Its Dividend
Keyera operates as a midstream energy business in western Canada. Its primary segments consist of gathering and processing, liquids infrastructure, and marketing. The gathering and processing business operates raw natural gas gathering pipelines and processing plants in Alberta. Keyera processes, stores, and transports crude oil and natural gas byproducts, such as natural gas liquids, within its liquids infrastructure business, supplemented by the marketing of propane, butane, condensate, and is...
- Joe Gemino
Keyera Aims to Grow Its Dividend
No-moat Keyera reported third-quarter earnings that missed our expectations. The company reported adjusted EBITDA of CAD 160 million, or CAD 0.77 per share, up from CAD 138 million, or CAD 0.73 per share, in the year-ago quarter but down sequentially. Distributable cash flow was also below our expectations at CAD 127 million or CAD 0.61 per share. However, distributable cash flow was up from CAD 108 million or CAD 0.57 during the third quarter of 2017 but also down sequentially. Lower-than-expec...
- Joe Gemino
Morningstar | Keyera Has Another Strong Quarter; Stock Still in 3-Star...
No-moat Keyera reported second-quarter earnings that exceeded our expectations. The company reported adjusted EBITDA of CAD 210 million, or CAD 1.02 per share, up from CAD 133 million, or CAD 0.71 per share, in the year-ago quarter and ahead of our expectations. The better-than-expected performance was driven by rising commodity prices and favorable pricing in the marketing segment and continued strong processing volumes in the gathering and processing segment. Second-quarter distributable cash...
- Joe Gemino
Morningstar | Keyera Has Another Strong Quarter; Stock Still in 3-Star...
No-moat Keyera reported second-quarter earnings that exceeded our expectations. The company reported adjusted EBITDA of CAD 210 million, or CAD 1.02 per share, up from CAD 133 million, or CAD 0.71 per share, in the year-ago quarter and ahead of our expectations. The better-than-expected performance was driven by rising commodity prices and favorable pricing in the marketing segment and continued strong processing volumes in the gathering and processing segment. Second-quarter distributable cash...
- Joe Gemino
Keyera Has Another Strong Quarter; Stock Still in 3-Star Territory
No-moat Keyera reported second-quarter earnings that exceeded our expectations. The company reported adjusted EBITDA of CAD 210 million, or CAD 1.02 per share, up from CAD 133 million, or CAD 0.71 per share, in the year-ago quarter and ahead of our expectations. The better-than-expected performance was driven by rising commodity prices and favorable pricing in the marketing segment and continued strong processing volumes in the gathering and processing segment.  Second-quarter distributable c...
- Joe Gemino
Keyera offers an attractive set of assets with growth prospects and a ...
No-moat Keyera Corporation reported first-quarter earnings that exceeded our expectations. The company reported adjusted EBITDA of CAD 189 million, up from CAD 148 million in the year-ago quarter and ahead of our expectations. First-quarter operating margin was CAD 222 million, a 10% increase from the first quarter of 2017 and ahead of our expectations. The better-than-expected performance was driven by rising commodity prices and favorable pricing in the marketing segment and record processi...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
The U.S. has continued to separate itself from broad emerging market and developed international indexes. Thankfully, one positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective despite relative strength weakness vs. MSCI ACWI... see charts below. In today's report we scour the globe for attractive investments in an environment where selectivity is key. • Emerging markets. There is still not much to like about broad EM as the MSCI Emerging Markets index ...
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