Keyera (TSE:KEY) Releases Quarterly Earnings Results

Keyera (TSE:KEY) posted its earnings results on Thursday. The company reported C($0.53) EPS for the quarter, FiscalAI reports. The firm had revenue of C$1.30 billion for the quarter. Keyera had a net margin of 2.73% and a return on equity of 6.59%.

Here are the key takeaways from Keyera’s conference call:

• Keyera successfully closed the Plains Canadian NGL business acquisition, which management says is a transformative deal that expands its integrated platform, strengthens cross-Canada connectivity, and should create significant synergies over time.
• The company posted record first-quarter fee-for-service results, including record Gathering and Processing realized margin of CAD 118 million and strong Liquids Infrastructure margin of CAD 141 million, supported by record throughput at Wapiti and the condensate system.
• Adjusted EBITDA was CAD 232 million and distributable cash flow was CAD 133 million, while net earnings were a loss of CAD 122 million. Marketing results were weaker due to the AEF outage and related butane risk management activity.
• Keyera reiterated confidence in its growth pipeline, saying the KFS Frac II debottleneck remains on schedule for completion by the end of June and is now expected to come in below budget, while Frac III and KAPS Zone 4 are also progressing on time and on budget.
• Management said the AEF facility is being repaired and should return to full operating capacity by the end of May, but reliability has been below expectations. The company plans to add a smaller planned outage between major turnarounds to improve maintenance and maximize iso-octane output.

Keyera Price Performance

Shares of TSE KEY opened at C$57.44 on Friday. The firm’s 50 day simple moving average is C$52.36 and its 200-day simple moving average is C$47.71. The company has a debt-to-equity ratio of 249.10, a current ratio of 1.60 and a quick ratio of 0.57. The stock has a market capitalization of C$13.17 billion, a price-to-earnings ratio of 30.39, a PEG ratio of 1.35 and a beta of 0.56. Keyera has a 12 month low of C$40.09 and a 12 month high of C$57.63.

Keyera Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, March 16th. Keyera’s dividend payout ratio is currently 112.17%.

More Keyera News

Here are the key news stories impacting Keyera this week:

• Positive Sentiment: Multiple brokerages raised their price targets on Keyera, including BMO, TD, Raymond James, Scotia, Royal Bank of Canada, ATB Cormark, and National Bank Financial. Several firms kept bullish ratings such as “outperform,” “buy,” and “sector outperform,” suggesting analysts see further upside despite the recent run-up. Article Title
• Positive Sentiment: Keyera completed its acquisition of Plains’ Canadian natural gas liquids business, a deal that could strengthen long-term scale and cash flow, even though it faced scrutiny from Canada’s Competition Bureau. Article Title
• Neutral Sentiment: Keyera also announced its quarterly dividend and second-quarter 2026 distribution, which supports the income-investor case but does not appear to be a new catalyst by itself. Article Title
• Negative Sentiment: The company reported a first-quarter loss of C$122 million and revenue that declined from a year ago, with market commentary pointing to a maintenance outage as a drag on results. That weak earnings update may limit enthusiasm after the analyst upgrades. Article Title

Analyst Upgrades and Downgrades

KEY has been the subject of several analyst reports. Citigroup increased their price objective on Keyera from C$51.00 to C$58.00 and gave the company a “buy” rating in a report on Monday, February 23rd. ATB Cormark Capital Markets increased their price target on Keyera from C$52.00 to C$54.00 and gave the company a “sector perform” rating in a research note on Friday. TD boosted their price target on Keyera from C$60.00 to C$61.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets increased their price objective on shares of Keyera from C$55.00 to C$60.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Barclays lifted their price objective on shares of Keyera from C$48.00 to C$53.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$56.69.

Keyera Company Profile

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.