Keyera Corp. closed its acquisition of Plains’ Canadian NGL business just before its Q1 earnings call, which management describes as a major expansion. However, despite this growth, the company reported a net loss of CAD 122 million for the quarter.
In its latest earnings call, Keyera Corp. (TSE:KEY) announced the completion of its acquisition of Plains’ Canadian natural gas liquids business, which is currently under review by the Competition Tribunal. While this acquisition aims to strengthen its integrated platform, Keyera's Q1 results showed mixed performance, with adjusted EBITDA of CAD 232 million but a significant net loss due to challenges in its Marketing segment.
Investor takeaway: Long-term investors should keep an eye on Keyera's integration efforts and growth projects as potential drivers for future performance.
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Keyera Corp.
KEY.TO
KEY.TO
Keyera Corp.
WealthAwesomeMarket cap
$17.16B
P/E
34.8x
Div. yield
4.00%
Div. / share
$2.16
52W high
$60.78
52W low
$38.45
1W change
-5.94%
Beta
0.82
Analyst Price Targets
Based on analyst covering KEY · as of Sep 17, 2026
Wall Street analysts forecast KEY stock price to rise 20.5% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$64.27
+20.5% Upside
Current Price
C$53.32
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on KEY's historical volatility
30-Day Vol
25.1%
Annualized
90-Day Vol
25.1%
Annualized
Trend (90d)
-20.9%
Annualized drift
90d Mean
C$51.00
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$53.61 | C$49.16 – C$58.46 |
| 60 trading days | C$52.29 | C$46.26 – C$59.10 |
| 90 trading days | C$51.00 | C$43.90 – C$59.25 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
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Mixed Q1 Results: Losses Offset by Fee-Based Strength
Keyera's adjusted EBITDA of CAD 232 million reflects solid performance in its fee-based businesses. However, the net loss of CAD 122 million points to significant challenges, especially in the Marketing segment, which could affect investor sentiment in the short term.
Bull case
- The acquisition of Plains’ NGL business could greatly improve Keyera's market position and operational efficiency.
- Record margins in Gathering and Processing and Liquids Infrastructure show strong underlying business performance.
- Planned growth projects are on track, which may lead to increased cash flow and profitability in the future.
Bear case
- The reported net loss of CAD 122 million raises concerns about current profitability and operational challenges.
- Weaker performance in the Marketing segment could hurt overall earnings if not addressed.
- Ongoing regulatory scrutiny from the Competition Tribunal may delay or complicate the anticipated benefits from the acquisition.
Acquisition of Plains’ NGL Business: A Strategic Move
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Keyera's acquisition of Plains’ Canadian NGL business is viewed as a significant step in expanding its integrated platform. CEO Dean Setoguchi emphasized that this move aligns with the company's strategy and aims to improve customer access and operational efficiency across Canada. However, the deal is currently under review by the Competition Tribunal, adding some uncertainty to the integration process.
Q1 Financial Performance: Strengths and Weaknesses
In the first quarter, Keyera reported adjusted EBITDA of CAD 232 million, driven by strong performance in its fee-based businesses. However, the net loss of CAD 122 million raises concerns, particularly due to weaker contributions from the Marketing segment, which struggled with the AEF outage. This mixed financial performance highlights the need for Keyera to manage operational challenges effectively while capitalizing on its growth initiatives.
Growth Projects on Track: Future Outlook
Keyera's growth projects, including KFS Frac II and Frac III, are progressing as planned and are expected to support stable cash flow and profitability in the future. The company is optimistic about capturing synergies from the Plains acquisition and sees additional opportunities for expansion in the LNG and crude oil markets. As these projects come online, they could significantly improve Keyera's overall financial health.
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