Canadian National Railway (NYSE:CNI) Stock Rating Upgraded by Zacks Investment Research
Canadian National Railway (NYSE:CNI) (TSE:CNR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday, January 4th.
According to Zacks, “Canadian National Railway Company's fourth-quarter results should benefit from volume growth at its key units like Overseas Intermodal, Frac sand, Coal and Petroleum coke exports, and Canadian grain. Rail freight revenues should also rise substantially in the quarter. The company's efforts to reward shareholders through dividend payments and share buybacks are also impressive. Additionally, the $2.6 billion capital plan announced by the company in April 2017 is aslo encouraging. However, high high fuel costs might hurt the company's fourth-quarter results as well. Deterioration in operating ratio is also a matter of concern. Declining revenues at the forest products, and grain and fertilizers segment might hurt the top line going forward. The company's high debt levels further adds to its woes. In fact, shares of the company have underperformed its industry over the last three months.”
A number of other brokerages also recently commented on CNI. TD Securities upgraded shares of Canadian National Railway from a “hold” rating to a “buy” rating in a research report on Thursday, November 30th. They noted that the move was a valuation call. Goldman Sachs Group started coverage on shares of Canadian National Railway in a research report on Monday, November 13th. They set a “buy” rating and a $85.00 price objective for the company. CIBC raised shares of Canadian National Railway from a “neutral” rating to a “sector outperform” rating in a research note on Wednesday, November 8th. Deutsche Bank started coverage on shares of Canadian National Railway in a research note on Wednesday, November 1st. They set a “sell” rating and a $73.00 price target on the stock. Finally, Raymond James Financial cut shares of Canadian National Railway from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $81.38.
Canadian National Railway declared that its board has initiated a share buyback plan on Tuesday, October 24th that permits the company to repurchase 31,000,000 outstanding shares. This repurchase authorization permits the transportation company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
A number of large investors have recently added to or reduced their stakes in the business. Bronfman E.L. Rothschild L.P. lifted its holdings in Canadian National Railway by 0.9% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,416 shares of the transportation company’s stock valued at $115,000 after purchasing an additional 12 shares in the last quarter. Hall Laurie J Trustee lifted its holdings in shares of Canadian National Railway by 4.1% during the 2nd quarter. Hall Laurie J Trustee now owns 1,275 shares of the transportation company’s stock worth $103,000 after acquiring an additional 50 shares during the period. Suntrust Banks Inc. lifted its holdings in shares of Canadian National Railway by 0.6% during the 2nd quarter. Suntrust Banks Inc. now owns 8,385 shares of the transportation company’s stock worth $679,000 after acquiring an additional 52 shares during the period. Financial Counselors Inc. lifted its holdings in shares of Canadian National Railway by 0.9% during the 2nd quarter. Financial Counselors Inc. now owns 5,719 shares of the transportation company’s stock worth $464,000 after acquiring an additional 53 shares during the period. Finally, Freestone Capital Holdings LLC lifted its holdings in shares of Canadian National Railway by 1.4% during the 2nd quarter. Freestone Capital Holdings LLC now owns 5,121 shares of the transportation company’s stock worth $415,000 after acquiring an additional 69 shares during the period. Institutional investors own 53.38% of the company’s stock.
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Canadian National Railway Company Profile
Canadian National Railway Company is engaged in the rail and related transportation business. The Company’s network of approximately 20,000 route miles of track spans Canada and mid-America, connecting approximately three coasts, including the Atlantic, the Pacific and the Gulf of Mexico and serving the cities and ports of Vancouver, Prince Rupert (British Columbia), Montreal, Halifax, New Orleans, and Mobile (Alabama), and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin), and Jackson (Mississippi), with connections to all points in North America.
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