$KEY.TO

Update: Keyera Provides Business Update, 2026 Outlook Following Plains Asset Acquisition

(Adds analyst comment in paragraphs 11 and 12. Updates shares.)Keyera (KEY.TO) was last seen down 2.5% after the company on Monday provided a business update and multi-year growth outlook after the company closed its $5.15-billion acquisition of Plains All-American Pipeline's (PAA) Canadian natural-gas liquids assetsKeyera expects fee-based adjusted EBITDA per share to increase by about 35% or an approximate 16% compound annual growth rate from 2025 to 2027.The growth targets reflect the contributions from the Plains acquisition, realization of near-term synergies, 2026 fractionation capacity expansions, and continued filling of available capacity across the integrated system.Keyera is also targeting a 7% to 8% fee-based adjusted EBITDA per share CAGR from 2027 to 2029, supported by continued filling of available capacity, completion of major growth projects and further optimization of the combined platform.The outlook is supported by strong basin fundamentals, with oil, natural gas and NGL production across the Western Canadian Sedimentary Basin expected to continue growing as export-market access expands and global demand for Canadian energy products increases.Keyera has realized its initial $100 million annual run-rate near-term synergy target, with about $90 million in corporate cost savings already captured since the Plains transaction was announced in June 2025.As a result, Keyera now expects total near-term annual run-rate synergies to range from $120 million to $140 million, expected to be realized within the first 12 months after deal closing.With the addition of Plains Marketing business, Keyera's platform now includes frac-spread exposure, which represents another important source of liquids supply for the company's integrated system.Keyera expects its Marketing's realized margin to be between $360 to $390 million in 2026.Taking into account the partial-year contribution of Plains assets, 2026 growth capital spending is expected at $550 million to $625 million and maintenance capital at $240 million to $260 million.National Bank Financial reiterated its sector-perform rating on Keyera shares and its $56.00 price target following the update."Based on the upsized synergy expectations combined with incorporating the recently announced ACE Rail Terminal investment, we expect a bump to our valuation. Meanwhile, we view the company's pro forma 7-8% fee-based adj. EBITDA per share CAGR for 2027-2029 as providing further support for the stock," analyst Patrick Kenny wrote.Keyera shares were last seen down $1.47 to $57.54 on the Toronto Stock Exchange.Price: $57.76, Change: $-0.71, Percent Change: -1.21%

Keyera Provides Business Update, 2026 Outlook Following Plains Asset Acquisition

Keyera (KEY.TO) provided a business update and multi-year growth outlook following the completion of its acquisition of Plains' Canadian natural gas liquids assets, the company said in a Monday news release.Keyera expects fee-based adjusted EBITDA per share to increase by about 35% or an approximate 16% compound annual growth rate from 2025 to 2027.The growth targets reflect the contributions from the Plains acquisition, realization of near-term synergies, 2026 fractionation capacity expansions, and continued filling of available capacity across the integrated system.Keyera is also targeting a 7% to 8% fee-based adjusted EBITDA per share CAGR from 2027 to 2029, supported by continued filling of available capacity, completion of major growth projects and further optimization of the combined platform.The outlook is supported by strong basin fundamentals, with oil, natural gas and NGL production across the Western Canadian Sedimentary Basin expected to continue growing as export market access expands and global demand for Canadian energy products increases.Keyera has realized its initial $100 million annual run-rate near-term synergy target, with about $90 million in corporate cost savings already captured since the Plains transaction was announced in June 2025.As a result, Keyera now expects total near-term annual run-rate synergies to range from $120 million to $140 million, expected to be realized within the first 12 months after deal closing.With the addition of Plains Marketing business, Keyera's platform now includes frac-spread exposure, which represents another important source of liquids supply for the company's integrated system.Keyera expects Marketing realized margin to be between $360 to $390 million in 2026.Taking into account the partial-year contribution of Plains assets, 2026 growth capital spending is expected at $550 million to $625 million and maintenance capital at $240 million to $260 million.

Keyera Providing Business Update and 2029 Growth Outlook Following Completion of Plains' NGL Acquisition

TSX Closer: The Index Edges Down, But Still Near Its Record Close As CIBC Flags Its Top 10 Best Ideas For June

The Toronto Stock Exchange succumbed to some late selling pressure Monday on some profit taking as it trades shy of the record close it a week ago, while CIBC said it continues to retain an upside bias for equities through early to mid summer and picked out its 10 'Best Ideas' for June.The S&P/TSX Composite Index closed down 34.25 points, or 0.1%, to 34,734.89, leaving it about 100 points shy of last Monday's record finish of 34,830. Most sectors were higher, led by Info Tech, up 6%, and then Base Metals, up 2.6%, and Energy, up 2.1%. In contrast, Financial was down 1.3% and Utilities was 0.5% lower.CIBC published its Top-10 Best Ideas for June, while noting its best ideas for the month of May returned 2.28% and marginally trailed the benchmark by six basis points. Year to date, CIBC's monthly recommended baskets have returned 15.32%, reflecting 571 bps of alpha over the benchmark TSX index. Comparatively, the TSX and SPX indices have returned 9.61% and 10.8% respectively, it noted.The following represent CIBC's top-10 best ideas for the month of June: Brookfield Renewable (BEP-UN.TO), Brookfield Infrastructure (BIP-UN.TO), Capital Power (CPX.TO), Celestica (CLS.TO), Constellation Software (CSU.TO), Capstone Copper (CS.TO), Lundin Mining (LUN.TO), Linamar (LNR.TO), Keyera (KEY.TO), and TFI International (TFII.TO).CIBC said: "As we head into the summer months, equity markets continue to show resilience on the surface and are still being driven by momentum. Indices are at new price discovery highs and climbing the wall of worry, while trends are looking good and remain intact. The same quantitative and technical signals that have worked from the March lows continue to reward investors -- momentum is doing what momentum tends to do, which is to build upon itself and force buyers in."That said, beneath the surface, not much has changed from a breadth perspective -- still mediocre. The magnitude of the recent narrow sector concentration in mega-cap technology remains dominant, but with some spillover effects in broader technology sub-sectors with AI-related tailwinds, technology may be broadening out internally (hardware, memory, semis, cyber, clouds, and even software now). U.S. technology did all the heavy lifting this past month -- technology and its sub-sectors are the only ones that are mostly populating our leadership rotation quad. Given the one- and three-month timespans of the relative-strength leadership in technology (within quad 1), it would be reasonable to suggest that the next bigger development may be about transitioning into a lower quad (quad 3, consolidation). This may set the stage for the market to begin to shift its character throughout the summertime, moving away from simple "beta-chasing" and back toward a "late-cycle"-like rotation environment, arguably similar to late Q4/25 and early Q1/26. This does not imply an imminent negative reversal. If breadth-broadening can begin to emerge, uptrends may establish better durability. Otherwise, indices may lose trend and get stuck in a range."CIBC noted at the start of the year, it used its price discovery framework to calculate a trading range for the S&P 500 index between a lower band of 7,490 and an upper band of 7,790 for 2026. With the index now around 7,580, approaching the upper end of that range, completing what was previously a measured move calculation, the bank said. This doesn't end the bull trend, but it does mean risk reward for chasing upside has become less attractive at current levels, it added."Overall, we remain cautiously constructive on risk assets and continue to retain an upside bias for equities through early to mid summer, supported by the recent solid Q2 earnings growth trends. However, once again, beneath the surface, breadth conditions are not yet showing affirmative follow-through expansion as leadership remains increasingly narrow and concentrated within the same group of stocks, and trading volumes are historically thinner in summertime which may reduce liquidity and force volatility. In our opinion, the dominant leading factors like Growth, Beta, and Momentum are likely to cool as the market transitions into a consolidation phase (quad 3) throughout summertime."It is for the above mentioned reasons that we continue to favour a balanced, barbell style with directional setups for our recommended portfolio selections throughout the summer months, rather than chasing beta."Of commodities, gold fell off a two-week high by midafternoon Monday as the dollar rose after fresh attacks between the United States and Iran boosted oil prices, reviving inflation worries. Gold for July delivery was down US$81.70 to US$4,511.30 per ounce, after rising to a highest since May 14 on Friday.But West Texas Intermediate crude oil surged 5.5%, climbing off a six-week low on heightened tensions between Iran and the U.S., dimming expectations for a peace deal in a war now entering its fourth month that has caused the largest-ever oil supply shock. The July WTI Crude Oil Contract closed up US$4.80 to settles at US$92.16 per barrel, while August Brent oil rose US$3.86 to US$94.88.

Keyera To Release Its Strategic Growth Outlook and 2026 Guidance Before Markets Open On Monday, June 15, 2026

Canadian Energy Infrastructure Companies' Q1 Results Mostly In Line, CIBC Says

First-quarter results of Canadian energy infrastructure companies broadly aligned with expectations, with midstreamers pointing to upside in their guidance if market conditions hold, CIBC Capital Markets said.Pembina Pipeline (PPL.TO) hedged enough exposure to raise its guidance outright, and others could follow as the year progresses, CIBC said.During the quarter, CIBC found notable the number of projects announced in the United States relative to Canada, which could be attributed to a more advanced data center buildout in that market and the related demand for energy infrastructure.Among the potential catalysts for the sector include ongoing regulatory reform and execution of the Canada-Alberta memorandum of understanding.Keyera (KEY.TO) intends to give an updated pro forma outlook in June, while Pembina is expected to announce a final investment decision on the Greenlight Energy Center project.Price: $53.81, Change: $+0.09, Percent Change: +0.16%

TSX up 443 Points Led by Miners; Energy, The Sole Decliner

The Toronto Stock Exchange surged 443 points, or 1.3%, at midday, recovering some of this week's losses.Miners, up 2.6%, is the best performer, followed by info tech and financials, both up 1.6%.Energy, down 1.6%, is the sole decliner, as oil and natural gas prices edge down.In company news, Keyera (KEY.TO) is proceeding with the construction of a rail hub in Alberta. Keyera will build and own the Alberta Corridor Export Rail Terminal, and has set aside an initial $240 million for the project, including a $100 million incremental to Keyera's 2026 growth capital guidance. The project will be underpinned by long term commercial arrangements with CN Rail (CN.TO) and AltaGas (ALA.TO).Wallbridge Mining (WM.TO) jumped 40% to $0.105 and is the most actively traded on the TSX with over 13 million shares changing hands after Agnico Eagle (AEM.TO) agreed to purchase 243.9-million Wallbridge shares for $22.4 million. The private placement is expected to close on May 22.

Keyera to Advance ACE Rail Terminal Project in Partnership With CN Rail, AltaGas

Keyera (KEY.TO) will invest an initial $240 million, including an additional $100 million on top of its 2026 growth capital guidance, to build the Alberta Corridor Export (ACE) rail terminal project, the company said on Wednesday.The rail hub is expected to be able to transport about 45,000 barrels per day of propane and butane from the Fort Saskatchewan region to West Coast export facilities. It is forecast to have an in-service date of mid-2028, to align with Keyera's KFS Fractionation III project being completed.ACE rail terminal will be designed to boost loading efficiency, reduce handling requirements and lower transportation costs compared with traditional rail solutions, a statement said. It will be developed in partnership with CN (CNR.TO) and AltaGas (ALA.TO), combining CN's rail network and AltaGas' West Coast export platform, and will be anchored by long-term commercial arrangements with both companies."This project reflects our continued focus on strengthening and extending Keyera's integrated value chain while providing customers with an efficient solution to diversify market access and benefit from growing global LPG demand," said Dean Setoguchi, Keyera chief executive officer.Keyera shares closed up $1.27 to $58.71 on Tuesday on the Toronto Stock Exchange.

Keyera, AltaGas and CN Rail Add Investment Will Expand Access to Global Markets and Support Long-term Economic Growth

Keyera, AltaGas and CN Rail Say Investment in ACE Rail Terminal to Strengthen Canada's Energy Competitiveness

- -Keyera, AltaGas and CN Partnering to Build Strategic Canadian Infrastructure

Keyera Target Up To C$50 From $48, Keeps Sector Perform at National Bk Which Asks "Will the Plains Acquisition Survive Tribal Council?"

Keyera Maintained at Buy at TPH Following Q1 Results; Price Target at C$62.00

Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Keyera (KEY.TO) with a C$62.00 price target after the oil and gas processing and infrastructure company reported first-quarter results."Q1'26 results came in below Street and TPH expectations on a standalone basis, with Adj. EBITDA of C$203MM compared to TPHe of C$222MM and consensus of C$216MM. Excluding acquisition related costs, the results would've been a slight beat at C$232MM. Segment realized margins were mixed versus our estimates, with G&P of C$118MM (TPHe C$119MM), Liquids Infrastructure of C$141MM (TPHe C$139MM), and Marketing of C$13MM (TPHe C$10MM). Net processing throughput across KEY's G&P systems came in at 1,545 MMcf/d versus TPHe of 1,632 MMcf/d, with the shortfall partly attributable to our model assumptions around the recently acquired Simonette East plants. Notably, G&P delivered a record quarter on realized margin, driven by record throughput at Wapiti and incremental Simonette East contributions. The Marketing segment was heavily impacted by the AEF outage, which has been offline since early January, along with C$163MM in unrealized hedging losses tied to butane inventory as Middle East supply disruptions pushed energy prices higher in March," analyst AJ O'Donnell wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $53.35, Change: $+0.33, Percent Change: +0.62%

Update: Keyera Swings to Q1 Net Loss, Notes Costs Related to Acquisition of Plains Canadian NGL Business

(Adds background on challenge by federal competition regulator to the Plains deal in paragraphs 9 to 11)Keyera (KEY.TO) swung to a net loss year over year in the first quarter as it recorded costs related to its recently closed acquisition of Plains' Canadian natural gas liquids business, the company said on Thursday.Net loss was C$122.0 million, or a loss of $0.53 per share, swinging from a net income of $130.3 million, or $0.57 per share. The result missed the earnings per share consensus estimate of $0.09 as compiled by FactSet.Adjusted EBITDA was $202.9 million, down from $298.4 million. Excluding transaction costs related to the Plains acquisition, adjusted EBITDA was $232 million.Distributable cash flow, excluding acquisition-related costs, was $133.3 million, or $0.58 per share, down from $189.6 million, or $0.83 per share.The company also cited lower contributions from the marketing segment, which was impacted by the outage at the Alberta EnviroFuels facility, more than offsetting record quarterly contributions from the gathering and processing segment.Keyera reaffirmed its 2026 stand-alone guidance as it remains on track to achieve its target of 7% to 8% fee-based adjusted EBITDA compound annual growth rate between 2024 and 2027.Growth capital expenditures are expected to be between $400 million and $475 million. Maintenance capital expenditures are expected to range from $140 million to $160 million.In an update on core growth projects, Keyera said KAPS Zone 4 and KFS Frac III are on track and on budget. The KFS Frac II debottleneck remains on schedule for completion by the end of June and is now expected to cost about $75 million, below the original cost estimate of $85 million.Keyera faces official pushback on its $5.15-billion acquisition of Plains All American Pipeline's (PAA) Canadian natural gas liquids assets as the Competition Bureau recently said it filed an application with the Competition Tribunal challenging the deal.The bureau said in a release it believes "the proposed transaction is likely to harm competition in natural gas liquids processing and storage, particularly at Fort Saskatchewan, Alberta, Canada's primary hub for these services".The bureau said the referral to the Tribunal follows on an investigation that concluded the acquisition would eliminate a close competitor in the Fort Saskatchewan market and increase market concentration. It also said the merged company would have the "ability to increase prices, impose less favourable contract terms, reduce incentives to expand capacity, and further entrench control over critical infrastructure".

Keyera Swings to Q1 Net Loss, Notes Costs Related to Acquisition of Plains Canadian NGL Business

Keyera (KEY.TO) swung to a net loss year over year in the first quarter as it recorded costs related to its recently closed acquisition of Plains' Canadian natural gas liquids business, the company said on Thursday.Net loss was C$122.0 million, or a loss of $0.53 per share, swinging from a net income of $130.3 million, or $0.57 per share. The result missed the earnings per share consensus estimate of $0.09 as compiled by FactSet.Adjusted EBITDA was $202.9 million, down from $298.4 million. Excluding transaction costs related to the Plains acquisition, adjusted EBITDA was $232 million.Distributable cash flow, excluding acquisition-related costs, was $133.3 million, or $0.58 per share, down from $189.6 million, or $0.83 per share.The company also cited lower contributions from the marketing segment, which was impacted by the outage at the Alberta EnviroFuels facility, more than offsetting record quarterly contributions from the gathering and processing segment.Keyera reaffirmed its 2026 stand-alone guidance as it remains on track to achieve its target of 7% to 8% fee-based adjusted EBITDA compound annual growth rate between 2024 and 2027.Growth capital expenditures are expected to be between $400 million and $475 million. Maintenance capital expenditures are expected to range from $140 million to $160 million.In an update on core growth projects, Keyera said KAPS Zone 4 and KFS Frac III are on track and on budget. The KFS Frac II debottleneck remains on schedule for completion by the end of June and is now expected to cost about $75 million, below the original cost estimate of $85 million.

Keyera Reaffirming 2026 Stand-Alone Guidance Update, Pre-Plains Acquisition Closing

Keyera Q1 Net loss of $122 Million Vs Q1 2025 Net Earnings $130 million

TSX Closer: Index Down In All But 1 of the Last 8 Sessions; Morningstar Cites 10 Top-Performing Dividend Stocks

The Toronto Stock Exchange has closed lower in all but one of the last eight sessions, with the latest losses on this Tuesday coming as U.S. Defense Secretary Pete Hegseth said the US-Iran ceasefire "is not over" despite attacks in the Strait of Hormuz yesterday.The S&P/TSX Composite Index closed down 71.96 points, or 0.2%, at 33.566.91, even as most sectors were higher, led by Health Care, up 2.5%, followed By Base Metals, up 2%, and Energy, up 1.4%. Information Technology was down near 4.2% and the Battery Metals Index was down 2.6%.Among individual stocks, BNN Bloomberg TV cited Ero Copper, up more than 5% today and up just short of 100% over one year. The company reported first-quarter results earlier Tuesday. BNN also cited Parex Resources (PXT.TO), up near 5% as Frontera (FEC.TO) obtained a final order approving their plan of arrangement.On the negative side, BNN cited Shopify (SHOP.TO), down more than 15% after its Q1 results, and Keyera (KEY.TO), which lost more than 7% as the Competition Bureau moved to block its $5.15-billion acquisition of Plains All American Pipelines Canadian natural-gas liquids business.Still on individual stocks, Morningstar Canada said the top performing dividend payers in April included engineering and construction company Aecon (ARE.TO), Canadian Imperial Bank of Commerce (CM.TO), and asset management firm IGM Financial (IGM.TO). Morningstar noted dividend-paying stocks that "combine healthy balance sheets with hefty yields" can provide investors with "steady incomes, cushion against market downturns, and grow investments at a healthy clip".A screening of the Morningstar Canada Index, which measures the performance of Canada's broad regional markets, targeting the top 97% of stocks by market capitalization, for companies with a forward dividend yield of at least 1.5%, excluding real estate investment trusts, showed the best performing Canadian dividend stocks last month. This included the aforementioned Aecon, CIBC and IGM. The list also included National Bank of Canada (NA.TO), TD Bank Group (TD.TO), Industrial Alliance Insurance and Financial Services (IAG.TO), Power Corporation of Canada (POW.TO), TMX Group (X.TO), Sun Life Financial (SLF.TO) and Superior Plus (SPB.TO).Of commodities, gold traded higher by midafternoon, rising off a five-week low as treasury yields weakened. Gold for June delivery was up US$35.60 to US$4,568.90 per ounce.But West Texas Intermediate crude oil fell 3.9% with the ceasefire between the United States and Iran seen holding, calming Monday's gains as violence in the Persian Gulf eased. WTI crude oil for June delivery closed down US$4.15 to settle at US$102.27 per barrel, after rising 4.4% on Monday, while July Brent oil was down US$4.24 to US$110.20.

Update2: Keyera's Purchase of Plains All American's Natural Gas Liquids Assets Challenged by the Competition Bureau

(Adds Keyera comment on expected closes of the acquisition in paragraph 5; updates shares.)Keyera (KEY.TO) faces official pushback on its $5.15-billion acquisition of Plains All American Pipeline's (PAA) Canadian natural gas liquids assets as the Competition Bureau on Tuesday said it filed an application with the Competition Tribunal challenging the deal.The bureau said in a release it believes "the proposed transaction is likely to harm competition in natural gas liquids processing and storage, particularly at Fort Saskatchewan, Alberta, Canada's primary hub for these services".The bureau said the referral to the Tribunal follows on an investigation that concluded the acquisition would eliminate a close competitor in the Fort Saskatchewan market and increase market concentration. It also said the merged company would have the "ability to increase prices, impose less favourable contract terms, reduce incentives to expand capacity, and further entrench control over critical infrastructure".When it first announced the acquisition in July of last year, Keyera said the purchase would add natural-gas liquids fractionation and processing facilities, as well as 23-million barrel of oil storage, 1,500 miles of pipelines and terminal infrastructure in Western Canada and Ontario.In a statement, Keyera said it received a filing from the Competition Bureau shortly before markets opened on Tuesday It said the bureau's challenge does not prevent it from closing the acquisition. It expect to complete the purchase this month.."The Company disagrees with the Commissioner's assertions and characterization of the Transaction, and intends to respond to the application. As the Company has previously advised, the Transaction will strengthen competition across the basin and provide customers with improved access to key markets and greater flexibility in how their products are handled, transported and sold," it said.Keyera shares closed down $3.86 to $49.11 on the Toronto Stock Exchange.

Update: Keyera's Purchase of Plains All American's Natural Gas Liquids Assets Challenged by the Competition Bureau

(Adds comments from Keyera in paragraphs five and six; updates shares.)Keyera (KEY.TO) faces official pushback on its $5.15-billion acquisition of Plains All American Pipeline's (PAA) Canadian natural gas liquids assets as the Competition Bureau on Tuesday said it filed an application with the Competition Tribunal challenging the deal.The bureau said in a release it believes "the proposed transaction is likely to harm competition in natural gas liquids processing and storage, particularly at Fort Saskatchewan, Alberta, Canada's primary hub for these services".The bureau said the referral to the Tribunal follows on an investigation that concluded the acquisition would eliminate a close competitor in the Fort Saskatchewan market and increase market concentration. It also said the merged company would have the "ability to increase prices, impose less favourable contract terms, reduce incentives to expand capacity, and further entrench control over critical infrastructure".When it first announced the acquisition in July of last year, Keyera said the purchase would add natural-gas liquids fractionation and processing facilities, as well as 23-million barrel of oil storage, 1,500 miles of pipelines and terminal infrastructure in Western Canada and Ontario.In a statement, Keyera said it received a filing from the Competition Bureau shortly before markets opened on Tuesday It said the bureau's challenge does not prevent it from closing the acquisition and disagreed with the claims."The Company disagrees with the Commissioner's assertions and characterization of the Transaction, and intends to respond to the application. As the Company has previously advised, the Transaction will strengthen competition across the basin and provide customers with improved access to key markets and greater flexibility in how their products are handled, transported and sold," it said.Keyera shares were last seen down $2.17 to $50.80 on the Toronto Stock Exchange.Price: $50.76, Change: $-2.21, Percent Change: -4.17%