Canadian Pacific Railway LimitedNYSE
Wed, Nov. 23, 5:25 PM
- Despite Canada's planned phaseout of coal-fired power plants, the country's railways expect to ship more coal, not less, driven by a rebound in the price of steel-making coal and U.S. Pres.-elect Trump’s promise to revive the industry there, Financial Post reports.
- Canadian National Railway (NYSE:CNI) and Canadian Pacific Railway (NYSE:CP) are seeing their coal volumes bounce off Q2 lows and should continue to see carloads increase for the foreseeable future.
- “In the short term, the biggest benefit we’re going to see on coal is from that met coal price,” says Raymond James transportation analyst Steve Hansen. “On a longer-term basis, depending on the coal policies in the U.S., we could see a resurgence in some of that thermal coal volume as well.”
- Major U.S. railways, which are far more dependent on coal than their Canadian competitors, have surged since Trump's election on Nov. 8 - Norfolk Southern (NYSE:NSC) has surged 10% and Union Pacific (NYSE:UNP) has jumped 12% - but some analysts think CNI and CP, each up ~5% since the election, could catch up eventually.
Wed, Oct. 26, 12:51 PM
- Bernstein backs up its current ratings on railroad stocks after digesting the first batch of earnings reports. Aggressive cost-cutting in the sector has helped to make up for some of the volume declines in key categories.
- Canadian Pacific Railway (CP -1.6%) is kept at Outperform, with a $17 price target.
- Canadian National railway (CNI -2.6%) is maintained at Market Peform, with a $68 price target.
- CSX (CSX -0.8%) stayed at Market Perform, with a $32 price target.
- Norfolk Southern (NSC -2.2%) is backed at Market Perform, with a $96 price target.
- Previously: Norfolk Southern beats by $0.10, revenue in-line (Oct. 26)
- Previously: Canadian National Railway beats by C$0.34, beats on revenue (Oct. 25)
Wed, Oct. 19, 10:51 AM
- Canadian Pacific (NYSE:CP) announces the appointment of Nadeem Velani to the CFO position. Velani has been serving as the interim CFO at the railroad company since early September.
- "Working closely with the board and after performing all necessary due diligence, we are pleased to name Nadeem our Chief Financial Officer," says CEO Hunter Harrison.
- Canadian Pacific is down around 0.8% after missing on Q2 earnings and guiding full-year profit expectations in-line with the consensus estimate. Shares of CP are up about 6% over the last 90 days on bouncy trading.
- Previously: Canadian Pacific Railway beats by $0.56, beats on revenue (Oct. 19)
- Previously: Canadian Pacific cuts full-year profit target; shares -4.4% premarket (Oct. 19)
- Source: Press Release
Wed, Oct. 19, 9:18 AM
- Canadian Pacific Railway (NYSE:CP) -4.4% premarket after reporting lower than expected Q3 earnings and revenues, and lowering its full-year profit target.
- CP expects FY 2016 adjusted earnings to rise by mid-single digits from C$10.10/share, citing the delayed grain harvest, lower crude volumes and persistent economic challenges compounded by a strengthening Canadian dollar; in January, CP predicted an increase of at least 10%, which was later reaffirmed.
- CP says its Q3 adjusted operating ratio, a measure of productivity that compares expenses to sales, improved to its “lowest-ever” 57.7%.
Wed, Oct. 19, 8:31 AM
Tue, Oct. 18, 5:30 PM
Fri, Sep. 30, 4:51 AM
- A New Jersey commuter train crashed into Hoboken Terminal Thursday morning, killing one person and injuring over a hundred, renewing a focus on a mandatory anti-collision system that has been plagued by lengthy delays.
- By law, NJ Transit is required to have a positive train control system in place by the end of 2018.
- Amtrak has rolled out PTC on its network, while freight railroads have mostly been rolling out the technology a section of track at a time.
- Related tickers: UNP, CSX, NSC, CNI, CP, KSU, WAB
Thu, Sep. 8, 5:31 PM
- Canadian Pacific Railway (NYSE:CP) says Executive VP and CFO Mark Erceg is stepping down, effective immediately, to assume the role of CFO at another company; Nadeem Velani is appointed interim VP and CFO.
- Erceg joined CP in 2015 after serving five years as CFO of Masonite International and spending 18 years at Procter & Gamble.
- Velani joined CP in 2013 and most recently served as VP of investor relations; before his time at CP, Velani spent 15 years at Canadian National Railway.
Wed, Sep. 7, 7:22 AM
- Canadian Pacific (NYSE:CP) announces that Bill Ackman has resigned from the board of directors, effective immediately.
- Ackman and Pershing Square sold out of their position in Canadian Pacific last month.
- The company added Jill Denham and William Fatt as directors to the board. Denham is a long-time financial services exec, while Fatt is the former CEO of FRHI Hotels & Resorts.
- SEC Form 8-K
Wed, Aug. 3, 5:50 PM
- Canadian Pacific (NYSE:CP) has slipped 2.2% after hours alongside word in an SEC filing that Bill Ackman and Pershing Square are selling their entire stake of 9.8M shares -- about $1.5B worth.
- The two announced a public offering of just over 9.84M common shares held by Pershing Square funds.
- Ackman intends to continue to serve on the board until the next annual meeting.
- “Canadian Pacific has completed an incredible transformation since our initial investment in 2011,” Ackman said in a statement. "Hunter Harrison and Keith Creel have restored to greatness one of North America’s top railroads and have set the company on the path to continued success."
Wed, Jul. 20, 12:22 PM
- Canadian Pacific Railway (CP +3.3%) is higher after beating Q2 earnings expectations and announcing its long-telegraphed succession plan for COO Keith Creel to officially succeed outgoing CEO and rail legend Hunter Harrison as CEO in July 2017.
- Creel worked with Harrison when he was CEO at Canadian National Railway and joined him at CP Rail in February 2013.
- CP reported adjusted EPS of C$2.05, slightly above the $2 that was forecast by the company, on 12% lower revenue of C$1.45B; operating ratio, a key measure of efficiency, rose 110 bps to 62%.
Wed, Jul. 20, 8:32 AM
Tue, Jul. 19, 5:30 PM
Mon, Jul. 11, 1:03 PM
Thu, Jun. 30, 12:58 PM
- Canadian Pacific Railway (CP +1.6%) is initiated with a Buy rating and $155 price target at Argus, which believes results are near a bottom with a business upturn expected in 2017.
- The firm says the stock's valuation reflects challenging conditions in the global economy and the industries CP serves, but shares now trade near the bottom of its five-year historical range and below the 18x average of its peers, and appear attractively valued.
- Argus also believes CP is doing an excellent job of controlling costs.
Wed, Jun. 29, 11:49 AM
- Canadian Pacific Railway (CP +2.1%) will begin laying off 500 maintenance workers today, as lower volumes have drained profits.
- The layoffs, which CP says are temporary, have prompted safety concerns as fewer people maintaining and monitoring the track could increase the likelihood of an accident.
- "Economic growth in North America right now is slow,” says a company VP for public affairs. “Farmers aren’t shipping grain right now. There’s an expectation that the crops will be very large, but nobody is shipping anything right now.”