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Canadian National's Upbeat Grain Movement Act Continues
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Canadian National Railway Company (CNI - Free Report) achieved another monthly record in September by moving 2.8 million metric tonnes (MMT) of Canadian grain. With this, the company has broken its previous September record of moving 2.6 MMT (in 2016) Canadian grains. In August, Canadian National moved more than 2.4 MMT of Canadian grain compared with the previous set record of 2.3 MMT (in 2014).
September has been the seventh consecutive month of record grain movement, contributing significantly to Canadian National’s record with respect to the grain movement in the first nine months of the year. Notably, the Canadian railroad operator moved in total 22.8 MMT of Canadian grain during the first nine months of the year (of which 7.8 MMT was moved in the September end quarter). Owing to the upbeat grain movement, the Grain and Fertilizers segment is likely to have performed well in third-quarter 2020.
Long-term expected earnings per share (three to five years) growth rate for Canadian Pacific, Werner and Knight-Swift is pegged at 8.5%, 8.5% and 15%, respectively.
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Canadian National's Upbeat Grain Movement Act Continues
Canadian National Railway Company (CNI - Free Report) achieved another monthly record in September by moving 2.8 million metric tonnes (MMT) of Canadian grain. With this, the company has broken its previous September record of moving 2.6 MMT (in 2016) Canadian grains. In August, Canadian National moved more than 2.4 MMT of Canadian grain compared with the previous set record of 2.3 MMT (in 2014).
September has been the seventh consecutive month of record grain movement, contributing significantly to Canadian National’s record with respect to the grain movement in the first nine months of the year. Notably, the Canadian railroad operator moved in total 22.8 MMT of Canadian grain during the first nine months of the year (of which 7.8 MMT was moved in the September end quarter). Owing to the upbeat grain movement, the Grain and Fertilizers segment is likely to have performed well in third-quarter 2020.
Apart from the record grain movement news, Canadian National recently signed a memorandum of understanding (“MOU”) with The Lion Electric Co. to acquire 50 zero-emission trucks for intermodal operations. These electric trucks, which will be used in the company’s intermodal terminals in urban areas, will help reduce greenhouse gas emissions.
Zacks Rank & Key Picks
Canadian National carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Transportation sector are Canadian Pacific Railway Limited (CP - Free Report) , Werner Enterprises, Inc. (WERN - Free Report) and Knight-Swift Transportation Holdings Inc (KNX - Free Report) . While Canadian Pacific and Knight-Swift carry a Zacks Rank #2 (Buy), Werner sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term expected earnings per share (three to five years) growth rate for Canadian Pacific, Werner and Knight-Swift is pegged at 8.5%, 8.5% and 15%, respectively.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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