Keyera Corp. (KEYEN) Stock Price & Analysis
KEYEN Stock Chart & Stats
- Day’s Range
- N/A
- 52-Week Range
- N/A
- Previous Close
- N/A
- Volume
- N/A
- Average Volume (3M)
- N/A
- Market Cap
- MXN 218.93B
- Enterprise Value
- MXN 22.70B
- Total Cash (Recent Filing)
- MXN 568.79M
- Total Debt (Recent Filing)
- MXN 8.48B
- Price to Earnings (P/E)
- 39.1
- Beta
- N/A
- Next Earnings
- Nov 10, 2026 (Est.)
- EPS Estimate
- 6.64
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 3.80%
Bulls Say, Bears Say
Bulls Say
Expanded NGL Infrastructure
The acquisitions broaden Keyera’s NGL and condensate network and improve access to eastern and mid-continent markets. Greater connectivity can support higher utilization, more integrated customer solutions, and a larger base of recurring infrastructure-related earnings over the next several quarters.
Strong Execution And Synergies
Delivering major projects ahead of schedule and below budget demonstrates operating discipline and improves capital efficiency. Realized synergies from acquisitions can strengthen margins and cash generation, while the remaining synergy target provides an additional source of durable earnings improvement.
Contracted Growth And Hedging
Reaffirmed guidance and multi-year fee-based growth targets indicate that contracted projects, capacity fill, and integration benefits support the outlook. Hedging a substantial portion of frac spreads also reduces exposure to commodity-linked volatility and helps protect cash flow during deleveraging.
Bears Say
Negative Free Cash Flow
The sharp decline in operating cash flow and move to negative free cash flow show that recent earnings are not currently translating into surplus cash after capital needs. If sustained, this could constrain internally funded growth, dividend flexibility, and the pace of balance-sheet improvement.
Elevated Leverage
Leverage remains above management’s long-term target following acquisitions and weaker marketing contributions. Higher debt relative to earnings reduces financial flexibility, increases the importance of successful integration and cash generation, and leaves less capacity to absorb operating setbacks before the 2028 deleveraging goal.
Margin Compression
Lower net, EBITDA, and EBIT margins indicate that profitability has weakened despite revenue growth. Persistent compression would reduce the earnings contribution from each dollar of throughput and make it harder for Keyera to convert its expanding infrastructure base into stronger cash generation and faster deleveraging.
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Company Description
Keyera Corp.
Keyera Corp. specializes in energy infrastructure within Canada, structured around three core operational divisions. Its Gathering and Processing segment is responsible for acquiring and refining raw natural gas through its network of pipelines and processing plants. This involves collecting the gas, removing impurities, and separating valuable components like natural gas liquids (NGLs), in addition to providing condensate handling. This division encompasses approximately 4,400 kilometers of gathering pipelines and interests in 12 active gas plants situated in Alberta. The Liquids Infrastructure segment delivers comprehensive services for NGLs and crude oil, covering everything from collection, processing, and fractionation to storage, transport, blending, and terminal services. This is supported by a robust network featuring underground NGL storage caverns, above-ground tanks, NGL fractionation and de-ethanization facilities, pipelines, and rail and truck terminals, including the Alberta EnviroFuels facility where it produces iso-octane. The Marketing segment focuses on the sale of propane, butane, condensate, and iso-octane, alongside various liquids blending activities. Founded in 2003 and originally known as Keyera Facilities Income Fund, the company adopted the name Keyera Corp. in January 2011 and maintains its headquarters in Calgary, Canada.
- Sector
- Energy
- Industry
- Oil & Gas Midstream
- CEO
- C. Dean Setoguchi
- Employees
- 1,257
- Website
- www.keyera.com
- Address
- The Ampersand, Calgary, AB, T2P 3N4, CA
Keyera Corp. (KEYEN) Earnings & Revenues
KEYEN Earnings Call
Earnings Call SentimentPositive
The call emphasized multiple strong operational and financial achievements — record segment margins, successful integrations and project execution (including KFS Frac 2 delivered 20% under budget and early), meaningful day‑1 synergies ($90M), dividend growth (+4%), and reaffirmed guidance and multi‑year growth targets. Offsetting items include a weaker marketing quarter driven by the AEF outage (marketing realized margin $36M), temporarily elevated leverage at 3.3x net debt/EBITDA with a plan to deleverage by 2028, modest near‑term maintenance/integration costs, and an ongoing Competition Tribunal matter. Overall, the positives (acquisitions, record margins, project delivery, synergies and clear growth/hedging strategy) materially outweigh the near‑term challenges and risks.
View all MX:KEYEN earnings summaries