Tudor, Pickering, Holt on Wednesday reiterated its buy rating on the shares of Keyera (KEY.TO) with C$56.00 price target as its updated its models for the oil and gas infrastructure and processing company.

"We have updated our model with refreshed price decks, revised Marketing estimates, and rolled our valuation forward to FY'27 metrics. Overall, our fee-based outlook for the company remains mostly unchanged, with all three major growth projects (KFS Frac II debottleneck, KFS Frac III, and KAPS Zone 4) tracking on budget and on schedule. Our Marketing outlook for the remainder of FY'25 has moved lower by approximately C$40MM, equally split between lower-than-expected Q3 results and a reduced Q4 estimate driven by management's revised guidance range of C$280-300MM. For FY'26 and beyond, we continue to have confidence in the long-term base case guidance of C$310-350MM given management commentary on the Q3 call regarding improving RBOB cracks and strengthening iso-octane premiums. Regarding the Plains NGL acquisition, we are modeling a deal close in late Q1'26," analyst AJ O'Donnell wrote.

(MT Newswires 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.mtnewswires.com/contact-us)