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Canadian National Railway (NYSE:CNI) Stock, Chaîne d'Options

Canadian National Railway

Canadian National's railway spans Canada from coast to coast and extends through Chicago to the Gulf of Mexico. In 2023, CN generated CAD 16.8 billion in revenue by hauling intermodal containers (23% of consolidated revenue), petroleum and chemicals (19%), grain and fertilizers (19%), forest products (12%), metals and minerals (12%), automotive shipments (6%), and coal (6%). Other items constitute the remaining revenue.

Canadian National Railway Company Common Stock

Canadian National Railway Co

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China International Marine Containers (Group) Co Ltd

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Ding Yi Feng Holdings Group International Ltd

Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) is set to give its latest quarterly earnings report on Tuesday, 2024-10-22. Here's what investors need to know before the announcement.
Analysts estimate that Canadian National Railway will report an earnings per share (EPS) of $1.33. 
The market awaits Canadian National Railway's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.
It's important for new investors to understand that guidance can be a significant driver of stock prices.
<h3>Performance in Previous Earnings</h3>
The company's EPS missed by $0.06 in the last quarter, leading to a 3.48% drop in the share price on the following day.
Here's a look at Canadian National Railway's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>1.41</td>
<td>1.25</td>
<td>1.46</td>
<td>1.25</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.35</td>
<td>1.28</td>
<td>1.48</td>
<td>1.26</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-3.0%</td>
<td>-5.0%</td>
<td>-2.0%</td>
<td>1.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729522917_0.png" alt="eps graph" />
<h3>Performance of Canadian National Railway Shares</h3>
Shares of Canadian National Railway were trading at $113.62 as of October 18. Over the last 52-week period, shares are up 7.2%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/CNI/earnings">To track all earnings releases for Canadian National Railway visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

A Preview Of Canadian National Railway's Earnings

RBC Capital analyst Walter Spracklin upgrades Canadian National Railway (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CNR#TSX">CNR</a>) from Sector Perform to Outperform and raises the price target from C$169 to C$179.

News

Upgrades

Price Target

Analyst Ratings

TSX:CNR

RBC Capital Upgrades Canadian National Railway to Outperform, Raises Price Target to C$179

Bernstein analyst David Vernon maintains Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Market Perform and lowers the price target from $130.67 to $126.29.

Bernstein Maintains Market Perform on Canadian National Railway, Lowers Price Target to $126.29

Goldman Sachs analyst Jordan Alliger maintains Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Sell and lowers the price target from $131 to $124.

Goldman Sachs Maintains Sell on Canadian National Railway, Lowers Price Target to $124

Citigroup analyst Ariel Rosa initiates coverage on Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Neutral rating and announces Price Target of $125.

Initiation

Citigroup Initiates Coverage On Canadian National Railway with Neutral Rating, Announces Price Target of $125

<a href="https://www.globenewswire.com/Tracker?data=em5dJCQai97Z0HU8-CT7QD5SZoZIQQHxuK2lLzUqf_2txabl6mAwU8_3u3cOjmqtX9zEKUsl0GHtbamTPCsW7WhThjGLP0iJjA766oIAjJSoV_D-PDXLSw1YDrNJPzDM">Duos Technologies Group, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOT#NASDAQ">DUOT</a>) is pleased to announce a new five-year agreement signed with <a href="https://www.globenewswire.com/Tracker?data=P0ttxQyLP2x6P2CY9zaF3bdJFpo__iFSUotodUGit8ZP8Vp6xd6wXO37GLSd2LSm">CN</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) that will enable Duos to offer Machine Vision/AI Wayside Detection Safety Data through a subscription service. For more than five years, CN has used Machine Vision/AI Wayside Detection technology along its network in Canada and the United States. CN has been using this solution to complement current manual inspections, helping maintain its fleet with more efficiency, leading to a safer and more reliable railway. &nbsp;
Duos is the inventor of the Railcar Inspection Portal and holder of ten active U.S. Patents of this cutting-edge solution making continual technical advances since 2010 with 13 portals deployed in Canada, Mexico, and the United States supporting four Class 1s and Amtrak.
Late last year, Duos and Amtrak began a pilot program to test the subscription concept for images. Amtrak's long-distance passenger trains are scanned, and the machine vision images are sent in real time to Amtrak mechanical inspectors who have used the data with excellent results during the testing period.
Beginning this month, Duos will offer shippers and car owners that transit the CN network the opportunity to subscribe to this cutting-edge machine vision safety data. This safety information can be used in various ways to include predictive maintenance, trend analytics, and overall fleet health and maintenance.&nbsp;&nbsp; The intent is to have better maintained railcars that make the network safer and more productive for everyone.

DUOT

CN And Duos Technologies Sign 5-Year Strategic Agreement That Will Enable Duos To Offer Machine Vision/AI Wayside Detection Safety Data Through A Subscription Service

Wells Fargo analyst Christian Wetherbee upgrades Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) from Equal-Weight to Overweight and maintains the price target from $125 to $125.

Wells Fargo Upgrades Canadian National Railway to Overweight, Maintains Price Target to $125

BofA Securities analyst Ken Hoexter downgraded Canadian National Railway Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) to Neutral from Buy, lowering the price forecast from<a href="https://www.benzinga.com/quote/CNI/analyst-ratings" target="_blank" rel="noreferrer noopener"> $129 to $122 amid &#8220;rising earnings pressure.&#8221;</a>
According to the analyst, the company&#8217;s third-quarter volumes have been affected by ongoing network performance challenges following the labor lockout of Conductor/Engineer staff in August.
The analyst estimates 2024 EPS growth of -0.3%, down from a previous forecast of +2.0%, which is below Canadian National&#8217;s revised low single-digit guidance, reduced from mid-single digits last month.
Hoexter highlights that Canadian National has been grappling with months of labor uncertainty, a four-day shutdown of its Canadian network, and wildfires in Alberta.
The company&#8217;s September volumes were below expectations, showing only a slight year-over-year increase. This was influenced by labor uncertainty, a slower-than-anticipated ramp in Canadian grain, and various service challenges.
Also Read: <a target="_blank" href="https://www.benzinga.com/top-stories/24/08/40515606/2-railway-strikes-3-us-sectors-in-trouble-277b-in-goods-at-stake-as-canadian-unions-call-for-new-con" rel="noreferrer noopener">2 Railway Strikes, 3 US Sectors In Trouble: $277B In Goods At Stake As Canadian Unions Call For New Contracts</a>
Additionally, Metals &amp; Minerals volumes declined by 9% year-over-year, falling short of the analyst&#8217;s previous estimate of -5.5% (now revised to -9%), primarily due to reduced steel demand from sluggish construction activity.
The analyst has revised the third quarter 2024 operating ratio estimate to 63.1%, up from 61.4%, reflecting a 90 basis points deterioration from the second to the third quarter, which is worse than the 80 basis points average improvement seen over the past five years during the same period.
Following a rise in labor costs and congestion in the second quarter, the company has furloughed employees and halted hiring in certain regions as it seeks to address cost issues in the Vancouver corridor, according to the analyst.
Price Action: CNI shares are trading lower by 0.49% to $113.68 at last check Friday.
Image via Canadian National Railway Company
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Analyst Color

Equities

Downgrades

Markets

Trading Ideas

General

Canadian National Railways Faces Rising Earnings Pressure And Network Challenges, Analyst Downgrades Stock

B of A Securities analyst Ken Hoexter downgrades Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) from Buy to Neutral and lowers the price target from $129 to $122.

B of A Securities Downgrades Canadian National Railway to Neutral, Lowers Price Target to $122

Unifor Files Notice Of Dispute With CN Early In Negotiations, Representing 3,300 Employees Across Three Collective Agreements Expiring December 31, 2024; CNI Is "Disappointed" That Unifor Is Filing Notice So Early In Process; Committed To Reaching Negotiated Agreements With Union

Biden Administration Urges Freight Railroads To Guarantee Paid Sick Leave For All Employees

Barclays analyst Brandon Oglenski maintains Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Equal-Weight and raises the price target from $120 to $121.

Barclays Maintains Equal-Weight on Canadian National Railway, Raises Price Target to $121

Evercore ISI Group analyst Jonathan Chappell maintains Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a In-Line and lowers the price target from $128 to $119.

Evercore ISI Group Maintains In-Line on Canadian National Railway, Lowers Price Target to $119

CN plans to use the net proceeds from the offering for general corporate purposes, which may include the redemption and refinancing of outstanding indebtedness, share repurchases, acquisitions and other business opportunities.
The debt offering is being made in the United States under an effective shelf registration statement dated April 2, 2024.

Reported Earlier, CN Announces $750M 4.375% Notes Due 2034 Debt Offering, Proceeds Target General Corporate Use

B of A Securities analyst Ken Hoexter maintains Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Buy and lowers the price target from $132 to $129.

B of A Securities Maintains Buy on Canadian National Railway, Lowers Price Target to $129

Car velocity, train speed and dwell have all recovered, and the Company is now essentially current with demand.
CN is revising its 2024 full year financial&nbsp;guidance.&nbsp;The quarter-to-date additional impact of labor uncertainty and the work stoppage, as well as the wildfires in Alberta, is estimated at around&nbsp;$0.20&nbsp;of EPS.
CN now expects to deliver adjusted diluted EPS growth in the low single-digit range, compared to its July 23, 2024, expectation of mid to high single-digit growth.
In light of updated expectations for 2024, and a weaker than expected economic environment, CN is replacing all its current financial&nbsp;outlook&nbsp;for the 2024-2026 period with the following: CN is now targeting compounded annual adjusted diluted EPS growth in the high single digit range.
&nbsp;

Guidance

CN Says Its Operations Have Recovered Following Several Months Of Labor Uncertainty; Adjusts Its 2024 Guidance And Long-Term Financial Outlook

Canadian National&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cni#NYSE">CNI</a>) top line is bolstered by its strong segmental performance. The company&#39;s efforts to expand and upgrade its fleet are praiseworthy. However, rising operating expenses and weak liquidity are hurting the company&#39;s bottom line.
<h2>Factors Favoring CNI</h2>
Canadian National&#39;s top line is benefiting from robust segmental performance. The increase in volumes across its segments, such as intermodal, grain, fertilizer, petroleum and chemicals, highlights CNI&#39;s effective network management and ability to attract and retain significant business. In the second quarter of 2024, overall RTMs (revenue ton miles) grew by 13% year over year. This increase in RTMs was primarily driven by a 19% rise in the international intermodal segment and a 12% rise in Petroleum and Chemical.
CNI&#39;s proactive efforts to expand its fleet are commendable. The 2024-2025 Grain Plan reflects the company&#39;s commitment to enhancing its operational capabilities and delivering on its promise to efficiently transport the Canadian grain crop. One of the key highlights of the Grain Plan is the delivery of 750 new high-efficiency grain hopper cars, a continued focus on scheduled railroading, deployment of new firefighting equipment to help protect the supply chain and the use of new technologies to improve safety.
The company&#39;s efforts to reward its shareholders through dividends are encouraging. In the second quarter of 2024, CNI declared a quarterly dividend of C$0.8450 per share. As of March 31, 2024, the company repurchased 3.5 million common shares for $597 million under its current Normal Course Issuer Bid. Canadian National intends to repurchase up to 32 million common shares between Feb. 1, 2024 and Jan. 31, 2025 under its current NCIB.
<h2>Key Risks Faced by CNI</h2>
The northward movement in operating expenses is adversely impacting CNI&#39;sbottom line. In the second quarter of 2024, total operating expenses increased by 12.8% year over year. This surge in operating expenses was primarily driven by the increase in labor costs.In the first quarter of 2024, labor costs, comprising salaries and benefits (accounting for 30.7% of the total operating expenses), rose by 13.8% year over year.&nbsp;
Fuel costs, comprising 19.7% of the total operating expenses, jumped by 12.6% year over year.
The company&#39;s liquidity position is also a concern. Canadian National exited the second quarter of 2024 with a current ratio (a measure of liquidity) of 0.63. A current ratio of less than 1 indicates that the company is likely to struggle to meet its short-term obligations.
Shares of CNI have declined 6.6% year to date compared to its industry&#39;s growth of 0.5% in the same period.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/4b/75903.jpg?v=92952899" />
Image Source: Zacks Investment Research
<h2>Zacks Rank</h2>
CNI Currently carries a Zacks Rank #3 (Hold).
<h2>Stocks to Consider</h2>
Some better-ranked stocks for investors&#39; consideration in the Zacks Transportation&nbsp;sector include C.H. Robinson Worldwide (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chrw#NASDAQ">CHRW</a>) and Westinghouse Air Brake Technologies (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wab#NYSE">WAB</a>).
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 9.9% in the past year.
WAB holds a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has an encouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 46.2% in the past year.
<a href="https://www.zacks.com/stock/news/2329000/here-s-why-you-should-retain-canadian-national-stock-for-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2329000">To read this article on Zacks.com click here.</a>

Dividends

CHRW

Here's Why You Should Retain Canadian National Stock for Now

The CIRB has also ordered that no further labour stoppage, including a lockout or strike, can occur during the arbitration process. This means that the strike notice recently issued to CN by the Teamsters is now voided.
CN will comply with the order which also extends the current collective agreement until a new agreement is signed between the parties.

Reported Sunday, CN Complies With CIRB Order For Binding Arbitration, Averting Strike And Ensuring Continuity In Rail Operations

CN Receives 72-Hour Strike Notice From Teamsters Canada Rail Conference, Strike Set For August 26; CN Criticizes Teamsters For Disrupting Economy Despite Recent Lockout End And Good Faith Negotiations

Management

Global

President Of Canadian Teamsters Union Says Even If Industrial Relations Board Issues A Back-to-work Order For Rail Employees, Our People Will Still Be On Strike

In a report released yesterday, Fadi Chamoun from BMO Capital maintained a Buy rating on Canadian National Railway (CNI – Research Report), with a ...

Buy Rating Affirmed for Canadian National Railway Despite Short-Term Challenges

3 Dividend Titans With Pricing Power Straight From The Hedge Fund Playbook

Canadian National Railway Company, Duos Technologies sign five year strategic agreement

J.P. Morgan analyst Brian Ossenbeck maintained a Hold rating on Canadian National Railway (CNI – Research Report) today and set a price target of C...

Canadian National Railway (CNI) Gets a Hold from J.P. Morgan

In a report released today, David Vernon from Bernstein assigned a Hold rating to Canadian National Railway (CNI – Research Report), with a price t...

Bernstein Gives a Hold Rating to Canadian National Railway (CNI)

U.S. weekly rail traffic falls 2.5% year-over-year

ClearBridge Canadian Equity Strategy Q3 2024 Commentary

The 12 Best High-Yield Dividend Aristocrats For This Election Season

Retirement At Risk? 2 No-Brainer Dividends For Income And Growth

Fiduciary Management Q3 2024 Investment Strategy Outlook

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Press Releases

CN Operations have Recovered, Company Updates Outlook Following Labor Disruption

CN Announces US$750 Million Debt Offering

MEDIA AVAILABILITY: CN Police Officers Available For Media Interviews During See Tracks? Think Train Week

MEDIA AVAILABILITY: CN Police Officers Available For Media Interviews During Rail Safety Week

CN Police Services Mobilizing for See Tracks? Think Train® Week 2024

CN Police Services Mobilizing for Rail Safety Week 2024

Unifor Files a Notice of Dispute

CN Publishes Winter Plan for 2024-2025

CN to Report Third-Quarter 2024 Financial and Operating Results on October 22, 2024

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Canadian National Railway (NYSE:CNI) Stock, Chaîne d'Options

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