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CSX Corporation (CSX)

  • May. 9, 2014, 8:58 AM
    • BNSF Railway (BRK.A, BRK.B), the main railroad moving crude oil out of the Bakken formation in North Dakota, says a new federal emergency order on rail shipments will not affect its shipments.
    • The U.S. Department of Transportation will require railroads to inform state emergency management officials about the movement of large shipments of crude oil, and will ask companies shipping oil from the Bakken to stop using older generation tank cars that have been involved in several fiery derailments.
    • BNSF says it will comply with the new reporting requirements but does not foresee any impact of service.
    • Related rail/oil stocks: CSX, UNP, NSC, KSU, CP, GWR, OAS, NOG, KOG, CLR, WLL, EOX.
  • May. 7, 2014, 7:20 PM
    • The U.S. Department of Transportation announces steps to improve the safety of shipping crude oil by rail, but unlike its Canadian counterpart, is taking a voluntary approach to the phase-out of older tank cars known to be vulnerable in derailments.
    • The agency recommends energy producers that ship by rail discontinue the use of older DOT-111 model tank cars; in contrast, Transport Canada two weeks ago required a three-year phase-out of older tank cars.
    • DOT is matching Canada’s requirement that railroads disclose to state and county emergency management officials the routing, volume and frequency of crude oil shipments.
    • Related rail/oil stocks: CSX, UNP, NSC, KSU, CP, GWR, OAS, NOG, KOG, CLR, WLL, EOX.
  • Apr. 30, 2014, 3:30 PM
    • A train operated by CSX Corporation (CSX) has crashed near Lynchburg, Virginia, according to Reuters.
    • Initial reports indicate the train was carrying crude oil some of which has leaked into the James River.
  • Apr. 16, 2014, 7:41 AM
    • Bank of America reiterates a Buy rating on CSX Corporation (CSX).
    • The investment firm has a $33 price target set on the rail service operator.
    | 1 Comment
  • Apr. 15, 2014, 4:58 PM
    • CSX (CSX) +0.9% AH after Q1 earnings fell 14% Y/Y, caused largely by harsh winter weather across much of its railroad network, but beat expectations, and revenue rose 2% to $3.01B as it hauled 3% more freight.
    • CSX says the early 2014 weather difficulties cost it $0.08-$0.09/share in increased expenses and lost revenue.
    • Coal volume declined 1%, intermodal shipments rose 5%, and merchandise volume added 2%, driven by growth in agricultural products and chemicals shipments.
    • Expects modest FY 2014 earnings growth on the strength of broad-based merchandise and intermodal gains and an improving domestic coal environment.
    • Approves a 7% increase in the quarterly dividend to $0.16/share.
  • Apr. 15, 2014, 4:10 PM
  • Apr. 15, 2014, 4:08 PM
    • CSX (CSX) declares $0.16/share quarterly dividend, 7.0% increase from prior dividend of $0.15.
    • Forward yield 2.26%
    • Payable June 13; for shareholders of record May 28; ex-div May 22.
    | 1 Comment
  • Apr. 15, 2014, 12:10 AM
  • 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
    • Bank of America reiterates its Buy rating on CSX Corp. (CSX).
    • The investment firm also added the stock to its key US 1 list as a top stock selection.
    • BofA has a $32 price target set on CSX.
    | 1 Comment
  • Mar. 12, 2014, 10:17 AM
    • CSX Corporation (CSX -0.2%) warns that the harsh winter weather this season in the U.S. will reduce earnings by $0.10/share in Q1.
    • The tone from execs is also cautious on full-year profit and on if the company can reach its goal to achieve a two-year CAGR of 10% to 15%.
  • 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.
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Company Description
CSX Corporation operates as a transportation suppliers. It provides rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers.
Sector: Services
Industry: Railroads
Country: United States