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25 stories mentioning KEY.TOUpdated 10h ago

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Mining & Metals

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

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.Keyera could not be immediately reached for comment.Keyera were last seen down $3.50 to $49.47 on the Toronto Stock Exchange.Price: $50.09, Change: $-2.88, Percent Change: -5.44%

$KEY.TO$PAA
Mining & Metals

RBC Changes Estimates for Select Canadian Energy Infrastructure Companies

RBC Capital Markets on Monday outlined estimate changes for select Canadian energy infrastructure companies ahead of the first-quarter earnings season.RBC raised the EBITDA estimate for Capital Power (CPX.TO) to C$400 million from $360 million while lowering the EBITDA forecast for Keyera (KEY.TO) to $210 million from $260 million. RBC cited seasonality profile changes to hedging and the related impacts.The EBITDA projection for Northland Power (NPI.TO) was raised to $430 million from $405 million to reflect RBC's expectation of higher European offshore wind resources.RBC cut the EBITDA estimate for TransAlta (TA.TO) to $217 million from $235 million due to lower power production levels.RBC raised its earnings forecast for Emera (EMA.TO) to $1.20 per share from $1.17 per share mainly due to more favorable weather at Tampa Electric, and higher-than-expected pricing volatility.The discounted cash flow estimate for Enbridge (ENB.TO) was lowered to $1.72 from $1.75 to reflect the anticipated impact from regulatory decisions by the CER on its MTS financial return calculation.RBC reduced its EBITDA estimate for Gibson Energy (GEI.TO) to $149 million from $154 million, driven by lower observed shipping activity.The earnings forecast for Hydro One (H.TO) was raised to $0.64 per share from $0.58 per share due to a higher-than-expected Ontario 60-minute peak demand and rate base growth.RBC boosted the EBITDA estimate for Pembina (PPL.TO) to $1.097 billion from $1.063 billion, primarily due to improvements in the frac spread benefiting Marketing.Price: $66.88, Change: $-0.37, Percent Change: -0.55%

$CPX.TO$EMA.TO$ENB.TO$GEI.TO$H.TO$KEY.TO$NPI.TO$PPL.TO$TA.TO
Mining & Metals

CIBC Names Keyera, Pembina as Top Energy Infrastructure Picks Ahead of Q1 Earnings Season

CIBC Capital Markets on Wednesday named Keyera (KEY.TO) and Pembina Pipeline (PPL.TO) as its top energy infrastructure picks heading into the first-quarter earnings season.Keyera has unrealized value in the pending acquisition of Plains' natural gas liquids assets, although the timing is more likely at quarter-end, CIBC said.Pembina also offers upside tied to the Greenlight Electricity Centre project, as well as a potential increase in marketing guidance, CIBC said.Pembina also has the strongest potential to increase marketing guidance, although historically it has been reluctant to do so early in the year, CIBC added."More broadly, we believe the constant macro news flow may create trading opportunities for investors who are nimble and able to tolerate the associated portfolio turnover," CIBC said.CIBC upgraded TC Energy's (TRP.TO) rating to outperformer from neutral while raising the price target to $89.00 from $85.00, reflecting higher expected returns from recent projects, with the increased return profile driving the rating change.CIBC also increased AltaGas (ALA.TO)'s price target to $51.00 from $50.00 on a stronger liquefied petroleum gas outlook.Superior Plus (SPB.TO)'s rating also moved to outperformer from neutral following its data center announcement for its Certarus unit.Price: $48.92, Change: $+0.71, Percent Change: +1.47%

$ALA.TO$KEY.TO$PPL.TO$SPB.TO$TRP.TO
Mining & Metals

BMO Retains Keyera's Outperform Rating, C$55.00 Price Target

BMO Capital Markets on Tuesday maintained it outperform rating on the shares of Keyera (KEY.TO) and its C$55.00 price target.While Keyera's shares have outperformed peers so far this year, the stock has come under pressure over last month likely due to uncertainty regarding its Plains NGL deal and lower commodity prices, BMO said.BMO said it retained the rating and price target assuming the deal closes. It noted that subscription receipt holders receive $39.15 if the deal does not close, with more upside potential than common if it does.Price: $49.77, Change: $-0.01, Percent Change: -0.02%

$KEY.TO
Mining & Metals

BMO Maintains Keyera at Outperform, Raises its Price Target to C$55.00 from C$54.00

BMO Capital Markets on Friday maintained its outperform rating on the shares of Keyera (KEY.TO) and raised its price target to C$55.00 from $54.00.BMO also designated Keyera as a top pick.While BMO continues to expect a successful close of Keyera's $5.15 billion acquisition of Plains All American Pipeline's Canadian natural gas liquids business, recent regulatory delays suggest remedies are required.BMO said this issue could modestly temper its anticipated accretion on the deal, although the strategic rationale remains positive, and synergy expectations could prove conservative."The good news is commodity tailwinds have emerged," BMO said.Price: $52.19, Change: $+0.46, Percent Change: +0.89%

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