Jamie Murray Keyera Corp KEY-T BUY Jul 28, 2025

KEY works well from here, and PPL slightly better. Lightening up on TRP to diversify makes sense, as long as you aren't paying capital gains tax and it's in a registered account.

Does not own shares. Has been watching company closely. Believes natural gas will continue to be in high demand. Would recommend investors pay close attention. 

Always felt it didn't get the credit it deserved. Great business. If Canada wants to be able to better defend itself on the global stage, perhaps it should bring more of the value chain within its borders instead of sending every oil and gas molecule south of the border. This company would have billions to deploy on projects if returns met its hurdle rate.

Betwixt and between, which makes it hard to call. Right up against quite strong technical resistance, and right at FMV. Good things have to happen, such as earnings and visibility of earnings. Unless you can see those, be very cautious about taking a position.

If it could bust through $46, that would be good, particularly if the price of energy also moves up to support it.

Chart's looking pretty good, broken out from the December downtrend. Initial resistance would be close to the previous high of $48. So far so good, nice breakout.

Last quarter was a nice beat. Asset sales. Sizeable projects seem to be making progress. Low leverage, low payout ratio with nice dividend, lots of volume growth on existing assets. Lots of upside from new project announcements. 

Natural gas plus getting it offshore are real tailwinds for Canada. Trading ~16.3x 2027, not cheap, but ~13% growth. Fair value once you tack on the dividend. Play defense with the nice dividend plus good capital appreciation over the next year or two. Yield is 4.91%.

A higher-quality player that you could put $$ into today. 

Last quarter, infrastructure continues to see really good growth. Another really big beat. Beneficiary of LNG ramping up in Canada and getting offshore. At 2x EBIT:EBITDA, very low leverage compared to peers. 

Very low payout ratio of 48% (like a bank). Volume growth driving better returns on existing assets. Nice potential for new projects, which is an embedded catalyst. Trades at 14.5x for 27% growth. Very good value on PEG. Yield is 4.61%.

Sees it going further. Likes it. Pays attention to its balance sheet and grows its cashflows. Some are concerned about % of revenues from marketing business. But with the Plains acquisition, marketing exposure is hedged. Very solid management, good growth opportunities. Hold, with no problem buying here.