HI Mark,
I'd say KEY is fairly average. In recent years, only IPL has performed worse that KEY with PPL, ENB and TRP all outperforming the company. This year, it has actually outperformed quite handily and is the second-best performing pipeline. THat however, has led to the company trading at expensive valuations as compared to historical averages. In fact, when compared to its peers - it looks to be the most overvalued compared to historical valuations and industry averages.
It is also a solid dividend stock with a yield north of 5.5% and is an Aristocrat with a 10-year streak. While this streak trails PPL, ENB and TRP, it is still a solid streak. There are some reasons for concerns though. The last raise was announced in August of 2019 and the company is now on the clock. If it doesn't raise this year, it will lose its Aristocrat status. In comparison, ENB, PPL and TRP all raised in 2020. IPL actually cut the dividend.
Overall - I'd say KEY is just middle of the pack. The recent outpeformance was great for shareholders, but given current valuations versus peers, I'm not sure this outperformance is sustainable given that expected growth rates in 2022 and 2023 are also mid-pack. Not that it is a bad stock, it will benefit from current environment much like the others.
Mat