Keyera is positioned to benefit from Western Canada's basin growth, with Canadian plays ranking among the lowest supply cost globally, and the company projects continued increases in oil, gas, and NGL production through 2030, providing tailwinds for its infrastructure business. The company highlighted the quality and stability of its cash flow, with 77% of realized margin coming from fee-for-service arrangements in 2025, of which 62% is from take-or-pay contracts, providing significant revenue visibility and stability.
Cyborg Score Rationale
Keyera is targeting a fee-based adjusted EBITDA compound annual growth rate (CAGR) of 7-8% from 2024 to 2027, supported by multiple growth drivers including the continued filling of Wapiti and Simonette facilities. The company maintains a strong balance sheet with investment-grade ratings despite a recent earnings miss, and the transformative Plains acquisition enhances competitive positioning.
Top Insights
The Plains acquisition creates a cross-Canada NGL corridor, connecting production in Western Canada to key demand centers in Eastern Canada and the United States, delivering greater flexibility and market access for customers.
Keyera pays a quarterly dividend of C$0.54 which represents an annual dividend yield of 4.81%, providing attractive income to shareholders.
The firm currently has interests in about a dozen active gas plants and operates over 4,000 kilometers of pipelines, establishing significant operational scale.
The company reported total liquidity of $1.5 billion with nil drawn on its credit facility and $2.3 billion cash on hand, maintaining strong financial flexibility.
Named Competitors
TC Energy — Canada's largest pipeline operator for natural gas and liquids
Enbridge Liquids Pipelines — Major North American midstream and liquids infrastructure operator
Canadian Midstream — North American midstream and logistics operator with Canadian NGL assets
Recent Developments
(February 2026) Q4 2025 earnings presentation released highlighting 7-8% EBITDA CAGR target through 2027 and Plains acquisition strategy
(February 2026) Stock closed at CAD 49.08, up 3.42% on Q4 earnings results day despite missing EPS expectations
(November 2025) Q3 2025 earnings reported with EPS of CAD 0.37, missing consensus estimate of CAD 0.512
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