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Canadian Pacific (CP) Hits 52-Week High: More Room to Run?
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Shares of Canadian Pacific Limited (CP - Free Report) attained a 52-week high of $350.19 during the course of the trading session on Dec 31, 2020 before retracing a bit to close at $346.69. In fact, this Canadian railroad operator performed very well in the year just gone by despite coronavirus woes. The stock has surged 33.9% compared with its industry’s 21.3% appreciation.
Let’s delve deeper to unearth the reasons behind this impressive share price rally and find out whether there is room for further upsurge.
Canadian Pacific is performing brilliantly with respect to grain movement. To this end, the company achieved a monthly record in November by moving 2.96 million metric tonnes (MMT) of Canadian grain and grain products. With this, it exceeded its November 2019 record by 8%. In the 2020-2021 crop year, Canadian Pacific shipped 11.13 MMT of grains, exceeding the amount shipped during the same time period in the 2019-2020 crop year by 15%.
In line with the objective of investing in its grain fleet, Canadian Pacific added more than 3,700 hopper cars to its fleet via purchase or lease. The new high-efficiency railcars carry 15% more grain with respect to volume and 10% more in terms of weight compared with older cars that are being replaced. Moreover, the company is significantly investing in its grain fleet with additional hopper cars coming online every week. Canadian Pacific is likely to continue with its stellar performance in relation to its grain movement.
The recent buyout of the Detroit River Rail Tunnel for $312 million is expected to lower Canadian Pacific’s operating costs pertaining to the movement of traffic through the tunnel. This should boost its bottom line further.
Zacks Rank & Key Picks
Canadian Pacific currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Zacks Transportation sector are Knight-Swift Transportation Holdings (KNX - Free Report) , FedEx Corporation (FDX - Free Report) and Herc Holdings Inc. (HRI - Free Report) . While Knight-Swift carries a Zacks Rank #2 (Buy), both FedEx and Herc Holdings sport a Zacks Rank #1 (Strong Buy), presently. 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 Knight-Swift, FedEx and Herc Holdings is pegged at 15%, 12% and 12.6%, respectively.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Canadian Pacific (CP) Hits 52-Week High: More Room to Run?
Shares of Canadian Pacific Limited (CP - Free Report) attained a 52-week high of $350.19 during the course of the trading session on Dec 31, 2020 before retracing a bit to close at $346.69. In fact, this Canadian railroad operator performed very well in the year just gone by despite coronavirus woes. The stock has surged 33.9% compared with its industry’s 21.3% appreciation.
Let’s delve deeper to unearth the reasons behind this impressive share price rally and find out whether there is room for further upsurge.
Canadian Pacific is performing brilliantly with respect to grain movement. To this end, the company achieved a monthly record in November by moving 2.96 million metric tonnes (MMT) of Canadian grain and grain products. With this, it exceeded its November 2019 record by 8%. In the 2020-2021 crop year, Canadian Pacific shipped 11.13 MMT of grains, exceeding the amount shipped during the same time period in the 2019-2020 crop year by 15%.
In line with the objective of investing in its grain fleet, Canadian Pacific added more than 3,700 hopper cars to its fleet via purchase or lease. The new high-efficiency railcars carry 15% more grain with respect to volume and 10% more in terms of weight compared with older cars that are being replaced. Moreover, the company is significantly investing in its grain fleet with additional hopper cars coming online every week. Canadian Pacific is likely to continue with its stellar performance in relation to its grain movement.
The recent buyout of the Detroit River Rail Tunnel for $312 million is expected to lower Canadian Pacific’s operating costs pertaining to the movement of traffic through the tunnel. This should boost its bottom line further.
Zacks Rank & Key Picks
Canadian Pacific currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Zacks Transportation sector are Knight-Swift Transportation Holdings (KNX - Free Report) , FedEx Corporation (FDX - Free Report) and Herc Holdings Inc. (HRI - Free Report) . While Knight-Swift carries a Zacks Rank #2 (Buy), both FedEx and Herc Holdings sport a Zacks Rank #1 (Strong Buy), presently. 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 Knight-Swift, FedEx and Herc Holdings is pegged at 15%, 12% and 12.6%, respectively.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>