Brokers Set Expectations for Canadian National Railway’s Q3 2024 Earnings (NYSE:CNI)

Canadian National Railway (NYSE:CNI) (TSE:CNR) – Equities researchers at Atb Cap Markets decreased their Q3 2024 earnings per share (EPS) estimates for Canadian National Railway in a research note issued to investors on Wednesday, September 11th. Atb Cap Markets analyst C. Murray now forecasts that the transportation company will earn $1.33 per share for the quarter, down from their previous forecast of $1.44. The consensus estimate for Canadian National Railway’s current full-year earnings is $5.60 per share. Atb Cap Markets also issued estimates for Canadian National Railway’s FY2024 earnings at $5.60 EPS, Q2 2025 earnings at $1.48 EPS, Q3 2025 earnings at $1.52 EPS, Q4 2025 earnings at $1.81 EPS and FY2025 earnings at $6.18 EPS.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last posted its earnings results on Tuesday, July 23rd. The transportation company reported $1.84 EPS for the quarter, missing the consensus estimate of $1.93 by ($0.09). The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Canadian National Railway had a net margin of 32.00% and a return on equity of 23.58%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the company earned $1.31 EPS.

Several other equities analysts have also issued reports on the company. National Bank Financial raised Canadian National Railway from a “sector perform” rating to an “outperform” rating in a report on Thursday, June 27th. Sanford C. Bernstein lowered Canadian National Railway from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $146.25 to $130.67 in a report on Monday, July 8th. Benchmark reaffirmed a “hold” rating on shares of Canadian National Railway in a report on Wednesday, July 24th. StockNews.com lowered Canadian National Railway from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Finally, Bank of America dropped their price objective on Canadian National Railway from $132.00 to $129.00 and set a “buy” rating on the stock in a report on Wednesday. Sixteen investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Canadian National Railway currently has a consensus rating of “Hold” and an average target price of $137.35.

Canadian National Railway Stock Performance

Shares of CNI stock opened at $119.44 on Friday. The stock’s 50-day moving average is $116.17 and its two-hundred day moving average is $122.70. The firm has a market cap of $75.21 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 2.38 and a beta of 0.88. Canadian National Railway has a 1 year low of $103.96 and a 1 year high of $134.02. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.48 and a current ratio of 0.63.

Institutional Investors Weigh In On Canadian National Railway

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Canadian National Railway by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 22,395,401 shares of the transportation company’s stock valued at $2,813,534,000 after purchasing an additional 387,975 shares during the period. Wellington Management Group LLP lifted its position in Canadian National Railway by 9.6% in the fourth quarter. Wellington Management Group LLP now owns 21,868,740 shares of the transportation company’s stock valued at $2,761,473,000 after purchasing an additional 1,907,938 shares during the period. FIL Ltd lifted its position in Canadian National Railway by 7.2% in the fourth quarter. FIL Ltd now owns 19,189,809 shares of the transportation company’s stock valued at $2,412,032,000 after purchasing an additional 1,280,726 shares during the period. TD Asset Management Inc lifted its position in Canadian National Railway by 2.8% in the fourth quarter. TD Asset Management Inc now owns 11,651,919 shares of the transportation company’s stock valued at $1,471,733,000 after purchasing an additional 314,600 shares during the period. Finally, 1832 Asset Management L.P. lifted its position in Canadian National Railway by 7.8% in the second quarter. 1832 Asset Management L.P. now owns 9,365,622 shares of the transportation company’s stock valued at $1,106,361,000 after purchasing an additional 674,536 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Canadian National Railway Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.614 dividend. The ex-dividend date is Friday, September 6th. This represents a $2.46 dividend on an annualized basis and a yield of 2.06%. Canadian National Railway’s payout ratio is currently 39.08%.

About Canadian National Railway

Canadian National Railway Company, together with its subsidiaries, engages in the rail, intermodal, trucking, and marine transportation and logistics business in Canada and the United States. The company provides rail services, which include equipment, custom brokerage services, transloading and distribution, business development and real estate, and private car storage services; and intermodal services, such as temperature controlled cargo, port partnerships, and logistics parks.