Bank Of America Cites Declining Crude Prices In Lower Rail Estimates
In a note to clients on Tuesday, Bank of America analyst Ken Hoexter stated that a decline in crude oil prices could result in a lower than previously expected crude-by-rail volume growth rate from several Canadian Oil Sands projects in the second half of 2015 and in to 2016.
As such, the analyst is lowering his 2015 rail earnings per share estimates by 1 percent on average as crude-by-rail represents approximately a small portion (approximately 1.5 percent) of current rail carloads.
Estimate Changes
- Shares of Canadian National Railway (NYSE: CNI) are Neutral rated with a price target lowered to $69 from a previous $77.
- Shares of Canadian Pacific Railway Limited (NYSE: CP) are Buy rated with a price target lowered to $221 from a previous $245.
- Shares of CSX Corporation (NYSE: CSX) are Buy rated with a price target raised to $39 from a previous $37.
- Shares of Norfolk Southern Corp. (NYSE: NSC) are Neutral rated with a price target established at $111.
- Shares of Union Pacific Corporation (NYSE: UNP) are Buy rated with a price target lowered to $132 from a previous $136.
- Shares of Kansas City Southern (NYSE: KSU) are Buy rated with a price target lowered to $128 from a previous $135.
- Shares of Genesee & Wyoming Inc (NYSE: GWR) are Neutral rated with a price target lowered to $94 from a previous $110.
Latest Ratings for CP
Date | Firm | Action | From | To |
---|---|---|---|---|
Oct 2020 | Credit Suisse | Maintains | Outperform | |
Oct 2020 | Benchmark | Downgrades | Buy | Hold |
Sep 2020 | B of A Securities | Maintains | Buy |
View More Analyst Ratings for CP
View the Latest Analyst Ratings
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Bank of America Crude Oil Ken Hoexter oil sandsAnalyst Color Price Target Analyst Ratings