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Payout ratio dropped by 20% to 51%. Shareholders seem to be ignored.
7% dividend
DCF of $718m - 21% increase to 2019 (which was a record year)
Dividends paid represents 59% of this total
The full year net loss is due to a NON CASH IMPAIRMENT. It's paper loss folks! A write-down of assets. Investors need to be looking at Adjusted EBITDA which doesn't include this charge:
$874 million, only 7% off 2019, again a record year for Keyera.
Folks, this is a reflection of exceptional business and cash management, and a tremendous year for shareholders.
“Through Q1, operating trends, share price performance and valuations have evolved,” they said. “Stronger commodity prices are generally positive for Midstreamers, and they may allow for stronger hedging. In turn, producer hedging could encourage more drilling activity, which is already starting to show up in gas plant throughput. With this backdrop, Midstreamers provided the best share price performance in Q1 and we believe the valuation expansion we’ve seen in recent months can continue, assuming trends persist or show further improvement. That said, on average we are slightly below consensus for Q1. For the IPPs, particularly the renewable stocks, share prices and valuations have come back down in recent months. The growth outlook remains strong for the renewable stocks, but we expected muted Q1 results (generally below consensus), so investors may continue to get an opportunity in the short term to add to positions. For the regulated utilities, with bond yields no longer rising like they did for the better part of Q1, share prices and valuations have drifted higher in the last month or so, and now sit above the midpoints of recent ranges for the last year. We expect subdued Q1 results and therefore see no obvious reason that the utility stocks in general will break out of their recent ranges.”
Mr. Catellier’s changes were:
AtlaGas Ltd. (ALA-T +0.23%increase
, “outperformer”) to $25 from $24. The average on the Street is $23.
Gibson Energy Inc. (GEI-T +0.19%increase
, “neutral”) to $22 from $23. Average: $24.18.
Keyera Corp. (KEY-T +0.82%increase
, “outperformer”) to $30 from $29. Average: $28.64.