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Keyera Corp - Stock Quote KEY

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Morningstar's Keyera Corp Stock Analysis

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Keyera Delivers Strong First Quarter Off High Utilization Levels and Elevated Commodity Outlook

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Keyera reported robust first-quarter earnings as stronger marketing margins and a more optimistic macro outlook drove results and prompted management to up marketing guidance for the full year. Driven by strong upstream activity around Keyera’s gas plants, gathering and processing volumes continued to operate at high capacity. The firm reported adjusted EBITDA of CAD 257 million in the first quarter of 2022, 14% higher year over year. After accounting for a more optimistic outlook on near-term volume growth and commodity pricing-driven margins, but accounting for increased capital spending perpetuated by raw material inflation and labor/supply chain issues, we’ve adjusted our fair value estimate to CAD 30 from CAD 28.

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Keyera Corp's Company Profile

Business Description

Keyera is a midstream energy business that operates primarily out of Alberta, Canada. Its primary lines of business consist of the gathering and processing of natural gas in western Canada, the storage, transportation, and liquids blending for NGLS and crude oil, and the marketing of NGLs, iso-octane, and crude oil. The firm currently has interests in about a dozen active gas plants and operates over 4,000 km of pipelines.

144 - 4th Avenue SW, Suite 200, The Ampersand, West Tower
Calgary, AB, T2P 3N4, Canada
T +1 403 205-7670
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 1,005