U.S. Markets open in 7 hrs 14 mins

Canadian National Railway Company (CNR.TO)

Toronto - Toronto Delayed Price. Currency in CAD
Add to watchlist
129.82-1.02 (-0.78%)
At close: 4:00PM EDT
Full screen
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close130.84
Bid129.67 x N/A
Ask129.71 x N/A
Day's Range129.24 - 131.18
52 Week Range92.01 - 132.17
Avg. Volume1,253,222
Market Cap92.146B
Beta (5Y Monthly)0.62
PE Ratio (TTM)25.70
EPS (TTM)5.05
Earnings DateOct 20, 2020
Forward Dividend & Yield2.30 (1.76%)
Ex-Dividend DateSep 08, 2020
1y Target Est119.89
  • Canadian Railways Expect Steady Grain Carload Volumes In 2020-2021

    Canadian Railways Expect Steady Grain Carload Volumes In 2020-2021

    The Canadian railways anticipate their grain volume movement in the 2020-2021 crop year will be roughly in line with how much they've hauled in recent years, according to outlooks from Canadian Pacific Railway Ltd (NYSE: CP) and Canadian National Railway (NYSE: CNI).CP's and CN's expectations come amid record grain volumes hauled in 2019-2020, and amid capital investments to expand grain-handling capacity through initiatives such as acquiring more hopper cars.The Canada Transportation Act requires CP and CN to submit outlooks for the upcoming crop year to the Canadian government by July 31. The outlooks provide grain volume expectations for the year, taking into account harvesting conditions and market conditions. The crop year in Canada runs Aug. 1 to July 31.Grain carloads moved in Canada over the past year, using data from the Association of American Railroads. (SONAR)CP's 2020-2021 outlookCP anticipates moving 31.4 million metric tonnes (MMT) of grain in the 2020-2021 crop year, which is similar to its forecast for last year and how much it actually moved, the railway said in its 2020-2021 grain outlook. To haul this crop, CP expects to provide 5,850 CP-owned hopper cars per week to grain elevators during the nonwinter months and 4,300, CP-owned hopper cars during the winter months of mid-December to March. Part of that reduction is because the Port of Thunder Bay closes during the winter.CP also anticipates moving an average of 1,050 grain cars per week of customer-supplied equipment for most of the 2020-2021 crop year.The railway plans to make available 1,000-1,100 locomotives, up to 15,500 grain hopper cars, and 3,600-3,800 train and engine employees for its customers. CP has been deploying an 8,500-foot, high-efficiency product train model, which the railway says enables a train to carry 15% more grain than a 7,000-foot grain train. The railway has nearly 3,000 new high-capacity hopper cars in active service, and it plans to add more than 300 more by the end of this year. By the end of its $500 million investment, CP hopes to acquire 5,900 hopper cars, which are shorter, wider and higher, and remove from its fleet the low-capacity hoppers. The capital investments come as CP's customers have also made their own investments to expand their grain capacity, CP said. More than 30% of customers of the unit train grain facilities that CP serves will be able to accommodate 8,500-foot trains by the end of 2020, CP said.For 2019-2020, CP expects to beat its all-time grain record of 26.8 MMT set in 2018-2019.CN's 2020-2021 OutlookCN expects to move between 26 MMT and 28 MMT of grain in the 2020-2021 crop year that began Saturday, according to the grain outlook it published last week.The estimate is in line with the range of volumes from over the past three years, and it doesn't include grain volumes moved by intermodal equipment, CN said. The estimate comes as the railway seeks to expand its grain handling capacity even further. It plans to purchase 1,500 hopper cars, on top of the 1,000 it purchased in 2018. The new cars will be shorter in length, enabling eight to 10 more cars on a train. This increases the amount of grain moved per train, which in turn expands CN's network capacity and helps to make rail operations more fluid at the ports of Prince Rupert and Vancouver, CN said.The railway said it has been working with grain customers to review anticipated car supply requirements for the upcoming crop year along with the mix of railcars supplied by customers. CN projects that over 90% of CN-supplied hopper cars will be committed to customers in advance of the harvests through commercial or other car supply agreements. Car supply products will also be available to the market, with car block sizes of as few as 10 cars. CN also expects to spot up to 7,600 hopper cars and tank cars per week outside of winter, and up to 6,100 hopper and tank cars per week during winter. Spotting means positioning railcars where they need to be for loading and unloading. CN anticipates the spotting of bulk grain to increase by 350 car spots per week during winter and 150 per week outside of winter for CN-supplied hopper cars. Meanwhile, the spotting of customers' cars is also expected to grow in 2020-2021, CN said.CN moved over 28.2 MMT of bulk and processed Western grain products in hopper cars, tank cars and boxcars in 2019-2020, beating a record set in 2018-2019 by over 0.8 MMT, CN said. The railway also moved over 1.1 MMT of containerized Western grain during the crop year. Click here for more FreightWaves articles by Joanna Marsh.Related articles:Canadian Class I railroads boast record grain volumes for JuneCanadian Pacific says mid-50s operating ratio within reachCN eyes intermodal opportunities to boost 2H 2020Commentary: Steel rivers of grain continue to flowCompeting countries, strong dollar influence US grain exportsSee more from Benzinga * Funding Go-Ahead For Mississippi River Deepening Seen As Boon For Exports * Isaias Disrupting East Coast Markets – FreightWaves NOW * Qantas Shuts Melbourne Airport Facility As Government Tightens COVID Lockdown(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Do Railroad Takeovers Only Happen in Crises?

    Do Railroad Takeovers Only Happen in Crises?

    (Bloomberg Opinion) -- The time may finally be right for another big railroad deal. All it took was another economic downdraft.Private equity firms Blackstone Group Inc. and Global Infrastructure Partners are reportedly weighing a joint bid for Kansas City Southern that would value the railroad at about $21 billion including debt. Any takeover would also add to an aggressive flurry of dealmaking over the past few days after a pandemic-inspired lull. Siemens Healthineers AG agreed to buy U.S. radiotherapy company Varian Medical Systems Inc. for about $16 billion, while 7-Eleven owner Seven & i Holdings Co. is paying $21 billion for Marathon Petroleum Corp.’s Speedway gas stations. Waiting in the wings is a potential takeover of the popular video-sharing app TikTok and a Nvidia Corp. buyout of SoftBank Group Corp.’s Arm Ltd. chip-designing business. The sudden rash of dealmaking suggests buyers with supple balance sheets are getting more comfortable with the trajectory of an eventual recovery from the coronavirus pandemic, even as cases surge again.It’s notable that railroads may be included in this latest deal frenzy. There hasn’t been a major takeover of a North American railroad since Warren Buffett’s Berkshire Hathaway Inc. struck a $36 billion deal for Burlington Northern Santa Fe in 2009. There were attempts by Canadian Pacific Railway Ltd. under the leadership of legendary railroader Hunter Harrison to seek a merger first with CSX Corp. in 2014 and then Norfolk Southern Corp. in 2015, but the carrier was rebuffed each time amid antitrust concerns. The failed talks showed the hurdles for any merger between the largest North American train operators after a wave of dealmaking in the late 1990s consolidated the industry into effectively seven main players, of which Kansas City Southern is the smallest and one of the few with major infrastructure in Mexico. As Buffett proved, though, a private investor is a different story. The irony may be that Harrison, a big believer in the benefits of consolidation who died in 2017, may have done more to prolong the lull in railroad dealmaking than bring it back. Before his death, Harrison served a brief term as CEO of CSX. His tenure there was tumultuous and he managed to ruffle quite a few feathers, but in the end, he was able to prove to both investors and his fellow railroad CEOs that his signature “precision-scheduled railroading” — a strategy for reducing the capital, cars and people needed to run trains efficiently — could work for U.S. carriers.Analysts had previous contended the U.S. railroads’ circuitous lines across mountainous terrain would make it more difficult for them to reach the levels of profitability that Harrison had produced at Canadian Pacific and at Canadian National Railway Co. before that. Posthumously, nearly all of his rivals — from Union Pacific Corp. to Norfolk Southern and, yes, Kansas City Southern— have adopted some form of precision-scheduled railroading. Burlington Northern is the only odd man out. The problem with this for would-be buyers of railroads is that this push for efficiency has increased both the profit margins and the stock prices of said railroads. Before news of the potential private equity approach on Friday, Kansas City Southern was actually up about 2% for the year, compared with a nearly 12% slide for the S&P 500 Industrial Index and a virtually flat performance for the broader benchmark. The reported $21 billion price tag would value Kansas City Southern at a premium to its all-time high set in February and Bloomberg Intelligence analysts warn even that may not be high enough. To justify a deal at these levels, the private equity buyers would have to be able to argue that the full scale of profit improvements under precision-scheduled railroading isn’t fully appreciated by the public markets. It’s hard to see how they do that. In January, before the worst of the pandemic, Kansas City Southern had predicted it would meet its 2021 goal of bringing its operating ratio — a measure of profitability where a lower number is better — down to the range of 60% to 61% a year early. The pandemic obviously undermined those plans. But even amid the sharp slump in volumes that’s ensued over the intervening months, Kansas City Southern in July raised its target for estimated cost savings this year to $95 million, excluding benefits from labor cuts and lease negotiations. That’s up from $61 million. After the rally on the deal news, the company trades at about 22 times estimated 2021 earnings, above the valuation commanded by other railroads that are further along in the process of precision-scheduled railroading.This makes any transaction more of a bet on the future of trade between the U.S. and Mexico and a push to relocate manufacturing away from China. It’s a decent wager given the recent resurgence of interest among U.S. industrial companies to consider factories a bit closer to home. The caveat to that is Mexico’s more volatile regulatory and political environment. Amidst the pandemic, many manufacturers complained of a harsher approach to factory lockdowns across the border than in the U.S., a sign that the potential for supply-chain disruptions lingers even with the recently signed United States-Mexico-Canada trade agreement. I’m reminded of an interview with Harrison that I participated in at Bloomberg headquarters in 2015: “I don’t like Kansas City Southern because of the Mexico play,” he said. “I don’t like Mexico. I like to play in an arena where I know the rules, and I understand what might happen. That’s crazy down there.” This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • GlobeNewswire

    Aegion Corporation Awarded Contract from Baltimore County, Maryland, for More Than $4 Million in Wastewater Rehabilitation Work

    Industry Leader Commits to Utilize Local, Minority-Owned Enterprises for at least 25% of ProjectST. LOUIS, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, LLC, has been awarded a wastewater rehabilitation contract valued at more than $4 million from Baltimore County, Maryland. Insituform will rehabilitate 78,000 linear feet of sanitary sewer main utilizing trenchless technology, including 8-inch to 18-inch cured-in-place (CIPP) pipe, in the community of Essex. The “no-dig” rehabilitation method reduces costs for the County and minimizes disruptions to area residents. Crews will also perform 3,200 vertical feet of manhole rehabilitation and complete 322 lateral seals using full circumferential CIPP liner.Insituform has won the last three large-scale projects presented for bid in Baltimore County. As part of Insituform’s latest winning proposal, at least 25% of the work will be performed with support from local, minority-owned enterprises. The project is expected to begin this fall and conclude by the end of 2021.About Aegion Corporation (NASDAQ: AEGN) Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure®. More information about Aegion can be found at www.aegion.com. Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Aegion’s forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion and on management’s beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the “Risk Factors” section of Aegion’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 2, 2020, and in subsequently filed documents, and, in particular, the impact of the current COVID-19 virus outbreak and the evolving response thereto. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by Aegion from time to time in Aegion’s filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by Aegion in this news release are qualified by these cautionary statements. Aegion® and the Aegion® logo are the registered trademarks of Aegion Corporation and its affiliates. For more information, contact: Katie Cason Senior Vice President, Strategy and Communications 636-530-8000 | kcason@aegion.com