Canadian National Railway Company (CNI - Free Report) announced an investment plan worth C$305 million for 2020 to expand supply chains and meet growing demand across the province of Alberta.
The investment will cater to maintenance of level crossings, bridges, culverts, signal systems and other track infrastructure throughout the province, which will strengthen the rail network. The outlay will also enable smoothening of supply chains, thereby boosting Alberta’s growth. The capital program involves capacity expansion, installation of more than 210,000 new railroad ties, replacement of nearly 71 miles of rail and rebuilding of 28 road crossing surfaces.
Moreover, this capital investment to move freight will lower burden on road transportation and reduce GHG (Greenhouse gas) emissions by 75%. The plan will also reduce traffic congestion and accidents.
In sync with its objective to make investments to promote safety and expand capacity, Canadian National also announced another investment plan worth C$235 million for 2020 across the province of Quebec.
Zacks Rank & Key Picks
Canadian National currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Transportation sector are Canadian Pacific Railway Limited (CP - Free Report) , TFI International (TFII - Free Report) and Teekay Tankers Ltd. (TNK - Free Report) . All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings (three to five years) growth rate for Canadian Pacific, TFI International and Teekay Tankers is estimated at 7.5%, 4.1% and 3%, respectively
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