Bullboard - Stock Discussion Forum Keyera Corp T.KEY

Alternate Symbol(s): KEYUF

Energy Oil & Gas Midstream

Keyera Corp. is a Canada-based company, which operates an integrated energy infrastructure business. The Company operates through three segments: Gathering and Processing, Liquids Infrastructure, and Marketing. The Gathering and Processing segment includes raw gas gathering systems and processing plants located in natural gas production areas primarily on the western side of the Western Canada... see more

Add To Watchlist

TSX:KEY - Post Discussion

Keyera Corp > Raised Targets

View:

Post by retiredcf on May 15, 2024 8:04am

Raised Targets

RBC’s Robert Kwan raised his target for Keyera Corp. to $41 from $38 with an “outperform” rating. Other changes include: Scotia’s Robert Hope to $40 from $38 with a “sector outperform” rating, Jefferies’ to $39 from $38 with a “buy” rating and CIBC’s Robert Catellier to $37 from $36 with a “neutral” rating. The average is $37.07.

“Keyera produced its fifth quarterly beat in a row with Q1/24 EBITDA 5 per cent above our estimate,” said Mr. Hope. “Our 2024 estimates increase sizably to reflect the significantly stronger-than-expected Marketing guidance. With excess cash flow in 2024 and leverage already low, this begs the question of what to do with all that cash. It appears that management is speaking more favourably about the potential for additional projects to be sanctioned this year, or it could also look at share buybacks. We believe that sanctioning of projects or buying back some shares could be favourable catalysts for the shares. We also introduce our 2026 estimates and roll forward our target valuation, which increases our target price.”