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Apr. 14, 2014, 5:35 PM
Apr. 9, 2014, 6:30 PM
- The U.S. Federal Railroad Administration, sparked by last year's oil train derailment that ignited a fireball and killed 47 people in Canada, says it intends to require at least two crew members for rail shipments of crude oil, a proposal opposed by the railroads.
- The Transportation Department already has ordered energy companies using rail to ship oil to test the chemical composition of all crude before loading it on tank cars, and is studying whether rail cars carrying crude need to be made sturdier to lower the risk of an explosion.
- Railroads potentially affected: CSX, UNP, NSC, GWR, BNSF (BRK.A, BRK.B).
Apr. 3, 2014, 5:58 PM
- CSX shares slipped a bit today after a Barclays downgrade, citing a lack of catalysts for the railroad and the firm's dim outlook for coal.
- While the firm says CSX is still the cheapest in the sector, it sees marginal upside for the stock given a limited growth outlook in 2015 and notes that a difficult start to 2014 implies further headwinds, as CSX’s cost and margin performance has lagged peers in recent periods.
- EPA regulations and soft exports drive Barclays' negative long-term view on coal, and coal represents an outsized profit to CSX relative to other businesses; the firm estimates a further 16% reduction in domestic coal for CSX through 2018.
- In addition to cutting its CSX target price to $30 from $32, the firm lowers its target on Norfolk Southern (NSC) by $1 to $100.
Mar. 25, 2014, 8:13 AM
Mar. 12, 2014, 10:17 AM| Mar. 12, 2014, 10:17 AM | 4 Comments
Feb. 25, 2014, 4:42 PM
- Companies moving crude oil by rail must test the volatility of fuel out of North Dakota's Bakken oilfields to ensure the proper classification of crude oil before it is transported, the Department of Transportation announces.
- The move is meant to step up oversight after several recent fiery derailments of oil moved by rail out of the Bakken; some data contends that Bakken crude is more combustible than oil from other areas.
- Bakken oil names include: CLR ,EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
- Rails: CSX, NSC, KSU, GWR, CP, UNP.
Feb. 22, 2014, 8:22 AM
- Beneath this winter’s plentiful snow, railroads are emerging as a rare investment opportunity, J.P. Morgan analysts say.
- The surge in demand for coal from U.S. power plants is pushing up coal prices, and coal is by far the biggest cargo carried on U.S. rails, accounting for 41% of all rail tonnage and 21% of rail gross revenue; J.P Morgan argues that at some point, coal should provide a positive catalyst for railroad company stocks since it accounts for so much of their revenue.
- The firm likes eastern railroad plays CSX and Norfolk Southern (NSC) since their networks serve the highest concentration of coal-burning utilities in the part of the country hit hardest by the cold weather; Omaha-based Union Pacific (UNP) also is hauling a lot more coal as utilities rebuild their supplies.
Feb. 12, 2014, 4:35 PM
- CSX Corporation (CSX) declares $0.15/share quarterly dividend, in line with previous.
- Forward yield 2.19%
- Payable March 14; for shareholders of record Feb. 28; ex-div Feb. 26.
Jan. 23, 2014, 3:33 PM
- Crude oil shipped by rail requires stronger tank cars and safer routes, transportation investigators in the U.S. and Canada say following a series of accidents in North America.
- The U.S. National Transportation Safety Board and Canada's Transportation Safety Board issued recommendations today as part of a probe into last July's derailment of rail cars filled with oil in Quebec.
- "The large-scale shipment of crude oil by rail simply didn't exist 10 years ago, and our safety regulations need to catch up with this new reality," NTSB chief Deborah Hersman says.
- CNI, CP, BRK.A, BRK.B, CSX, UNP, NSC, KSU, GWR.
Jan. 23, 2014, 12:45 PM
- Canada's Transportation Safety Board would like to see regulators in the U.S. and Canada adopt stricter standards to ensure safety on both new and older railroad cars. A particular from the board is on tankers carrying oil and other dangerous products.
- The early round of earnings report from railroad companies have been strong (Norfolk Southern, Union Pacific).
- Railroad stocks: UNP, NSC, CSX, CNI, ARII, GBX, CP, KSU, CNI.
Jan. 16, 2014, 9:10 AM
Jan. 15, 2014, 5:28 PM
- CSX -3.5% AH after Q4 profit fell 3.8% as expenses climbed, masking a jump in volume boosted by strong shipments of chemicals, autos and agricultural products.
- CSX Chairman/CEO Michael Ward says the results were supported by "the strength of an expanding economy," boosting overall volume by ~6% despite a 5% decline in coal volume.
- CSX has higher exposure to coal than its peers, reflecting the railroad's geography, which includes the Appalachian coal basin; ~25% of CSX's revenue comes from coal.
- Intermodal and chemical shipments were important factors contributing to CSX's growth in revenue and volumes for most of 2013; during Q4, intermodal revenue rose 10% while chemicals climbed 17%.
Jan. 15, 2014, 4:05 PM
- CSX Corp. (CSX): Q4 EPS of $0.42 misses by $0.01.
- Revenue of $3.03B (+5.2% Y/Y) beats by $50M.
- Shares -2.8%.
Jan. 15, 2014, 12:10 AM
Jan. 14, 2014, 5:35 PM
Jan. 10, 2014, 9:10 AM
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