Canadian National Railway to Post Q3 2023 Earnings of $1.27 Per Share, National Bank Financial Forecasts (NYSE:CNI)

Posted by on Oct 9th, 2023

Canadian National Railway (NYSE:CNI – Free Report) (TSE:CNR) – Investment analysts at National Bank Financial lowered their Q3 2023 earnings estimates for Canadian National Railway in a research note issued on Wednesday, October 4th. National Bank Financial analyst C. Doerksen now forecasts that the transportation company will post earnings per share of $1.27 for the quarter, down from their prior estimate of $1.35. The consensus estimate for Canadian National Railway’s current full-year earnings is $5.46 per share. National Bank Financial also issued estimates for Canadian National Railway’s Q3 2024 earnings at $1.59 EPS, Q4 2024 earnings at $1.83 EPS and FY2024 earnings at $6.03 EPS.

Canadian National Railway (NYSE:CNI – Get Free Report) (TSE:CNR) last issued its earnings results on Tuesday, July 25th. The transportation company reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.06). Canadian National Railway had a net margin of 30.21% and a return on equity of 24.62%. The company had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.13 billion.

A number of other research analysts have also recently weighed in on CNI. BMO Capital Markets dropped their price objective on shares of Canadian National Railway from C$177.00 to C$175.00 in a research note on Wednesday, July 26th. Scotiabank dropped their price objective on shares of Canadian National Railway from C$172.00 to C$170.00 and set a “sector perform” rating for the company in a research note on Wednesday, September 27th. Susquehanna dropped their price objective on shares of Canadian National Railway from $120.00 to $112.00 and set a “neutral” rating for the company in a research note on Tuesday, October 3rd. Evercore ISI dropped their price objective on shares of Canadian National Railway from $119.00 to $116.00 and set an “in-line” rating for the company in a research note on Thursday, September 21st. Finally, Stifel Nicolaus decreased their target price on shares of Canadian National Railway from $125.00 to $122.00 and set a “hold” rating on the stock in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $145.65.

Check Out Our Latest Stock Analysis on CNI

Canadian National Railway Trading Up 0.5 %

Shares of CNI opened at $107.12 on Monday. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.93 and a quick ratio of 0.72. The firm has a 50 day simple moving average of $112.62 and a 200-day simple moving average of $116.24. Canadian National Railway has a 1-year low of $103.79 and a 1-year high of $129.89. The stock has a market cap of $70.01 billion, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 2.94 and a beta of 0.91.

Canadian National Railway Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 8th were issued a $0.5996 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Thursday, September 7th. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.58. Canadian National Railway’s dividend payout ratio (DPR) is 39.73%.

Hedge Funds Weigh In On Canadian National Railway

Several hedge funds and other institutional investors have recently made changes to their positions in CNI. Norges Bank acquired a new position in shares of Canadian National Railway during the 4th quarter valued at $727,713,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Canadian National Railway by 25,348.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,650,355 shares of the transportation company’s stock valued at $194,698,000 after acquiring an additional 1,643,870 shares in the last quarter. Capital International Investors lifted its holdings in shares of Canadian National Railway by 64.0% during the 2nd quarter. Capital International Investors now owns 3,910,698 shares of the transportation company’s stock valued at $473,561,000 after acquiring an additional 1,525,722 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Canadian National Railway during the 1st quarter worth $137,546,000. Finally, Goldman Sachs Group Inc. increased its stake in Canadian National Railway by 166.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,772,695 shares of the transportation company’s stock worth $199,375,000 after buying an additional 1,108,104 shares during the period. Institutional investors and hedge funds own 67.60% of the company’s stock.

About Canadian National Railway

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Canadian National Railway Company, together with its subsidiaries, engages in rail and related transportation business. The company offers rail services, which include equipment, custom brokage services, transloading and distribution, business development and real estate, and private car storage services; and intermodal services including temperature controlled cargo, port partnership, transloading and distribution, logistic parks, customs brokerage, trucking, and moving grains in containers.

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Earnings History and Estimates for Canadian National Railway (NYSE:CNI)

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