Brokerages see Plains All American's NGL divestiture as positive

Shares of U.S. pipeline firm Plains All American PAA.O rise 5.5% to $18.72

Co late on Tuesday said it is selling all of its Natural gas liquids (NGL) business to Keyera Corp KEY.TO for $3.77 bln in cash

Brokerage Mizuho believes the transaction is positive for PAA's base business by discarding the more commodity-sensitive NGL business at an attractive valuation and creating additional capital allocation headroom

Brokerage J.P. Morgan calls the deal a modest positive for PAA, adding that ultimately executing on the preferred takeouts and unit repurchases remain the key to value creation

Transaction expected to close in Q1 of 2026

Including session's moves, PAA up 9.5% YTD