Canadian Pacific Kansas Stock (NYSE:CP), Trade Ideas

Canadian Pacific Kansas

Canadian Pacific Railway

Canadian Pacific Kansas City is a Class-1 railroad operating on track that spans across most of Canada and into parts of the Midwestern and Northeastern United States. Following the April 2023 Kansas City Southern merger, CP operates new single-line-haul services from Canada and the Upper Midwest down through Texas, the Gulf of Mexico, and into Mexico. It also hauls cross border and intra Mexico freight via operating concessions on roughly 3,300 miles of rail in Mexico. CP hauls shipments of grain, intermodal containers, energy products (like crude and frac sand), chemicals, plastics, coal, fertilizer and potash, automotive products, and a diverse mix of other merchandise.

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CP reported Q1 results, with 55.3% revenue growth but missing consensus. Operating ratio increased to 67.4% and adjusted EPS at CA$0.93.

Why Is Canadian Pacific Kansas City Stock Falling Today?

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Norfolk Southern (NYSE: NSC) heads toward its May 9 annual meeting and the resolution of its battle with activist shareholder Ancora over control of the company with a public campaign that may have taken a hit Tuesday, judging from a preview of the railroad&#39;s first-quarter numbers.

In an

Preliminary Q1 Results at Embattled Norfolk Southern Miss Expectations

Bill Ackman. Collage created using photo by Center For Jewish History, NYC on Wikimedia and engin akyurt on Unsplash

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<p><strong>Canadian Pacific Kansas City</strong>&nbsp;<strong>Limited&nbsp;</strong>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>)&nbsp;reported first-quarter 2024 revenue&nbsp;growth of 55.3% year-over-year to CA$3.52 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38403406" rel="noreferrer noopener">missing the consensus of CA$3.54 billion.</a></p>
<p>CP reported an operating ratio increase of 400 bps to 67.4% from 63.4% a year ago. Adjusted operating ratio increased 50 bps to 64%.</p>
<p>&#8220;One year into our historic combination, I am proud of what our dedicated family of railroaders has accomplished as we deliver on the benefits of our unrivalled network – spurring competition, increasing safety and connecting more markets for our customers. Today&#8217;s results show the success of our efforts to drive growth as the only railway connecting Canada, the United States and Mexico,&#8221; commented Keith Creel, CPKC President and Chief Executive Officer.</p>
<p>Adjusted combined EPS stood at CA$0.93, up from CA$0.90 YoY, missing the consensus of CA$0.94.</p>
<p>Operating income rose 38.6% YoY to CA$1.15 billion, and the margin contracted by 394 bps to 32.6%.</p>
<p>CP&#8217;s net cash provided by operating activities for the quarter reached CA$1.015 billion, up from CA$881 million a year ago.</p>
<p>Total Freight Revenue per RTM increased by 12% Y/Y to 6.61, and Total Freight Revenue per Carload declined 2% Y/Y to CA$3,195.</p>
<p>Adjusted combined free cash was CA$555 million, up from CA$481 million in the same quarter last year.</p>
<p>Volumes, as measured in Revenue Ton-Miles (RTMs), increased by 1% on a combined basis.</p>
<p>Federal Railroad Administration (FRA)-reportable train accident frequency increased to 0.89 from 0.71 YoY, and FRA-reportable personal injury frequency increased to 1.15 from 1.12 YoY on a combined basis.</p>
<p><strong>Price Action:</strong> CP shares are trading lower by 5.75% at $82.68 at the last check Wednesday.</p>
<p><em>Photo via Shutterstock</em></p>


WIIM

Canadian Pacific Railway shares are trading lower following worse-than-expected Q1 results.

<p>Canadian Pacific Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) reported quarterly earnings of $0.93 per share which missed the analyst consensus estimate of $0.94 by 1.06 percent.  The company reported quarterly sales of $3.52 billion which missed the analyst consensus estimate of $3.54 billion by 0.52 percent.  This is a 110.02 percent increase over sales of $1.68 billion the same period last year.</p>


Earnings Misses

Canadian Pacific Railway Q1 2024 Adj EPS CAD$0.93 Misses CAD$0.94 Estimate, Sales CAD$3.52B Miss CAD$3.54B Estimate

<p>Raymond James  analyst Steven Hansen   maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Outperform and raises the price target from $120 to $130.</p>


Price Target

Raymond James Maintains Outperform on Canadian Pacific Kansas, Raises Price Target to $130

<p>CSX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>) has unveiled its first hydrogen-powered locomotive, marking a significant milestone in sustainable freight transportation. This pioneering achievement is the result of a successful partnership between CSX and Canadian Pacific Kansas City (CPKC) and demonstrates the company's commitment to innovation and environmental stewardship.<br /><br />&nbsp;</p>
<p>The hydrogen locomotive was converted from an existing diesel locomotive using a hydrogen conversion kit developed by CKPC. The transformation took place at the CSX locomotive shop in Huntington, W.Va.</p>
<p>"The successful debut of our first hydrogen-powered locomotive stands as a testament to the exceptional skill and dedication of our employees at the CSX Huntington locomotive shop," said CSX President and Chief Executive Officer Joe Hinrichs. "CSX's commitment to sustainability in our operations is exemplified by the outstanding efforts of these employees, who, through their craftsmanship, are helping advance our collaboration with CPKC. We are proud to work with CPKC to scale this hydrogen technology and help pave the way for meaningful sustainable solutions for the future."</p>
<p>Converting an existing unit into a next-generation locomotive further extends the useful life of the asset. The conversion team reused several components, including the frame, cab, traction motors, and trucks.</p>
<p>This groundbreaking locomotive makes its debut less than 12 months after the collaboration between CSX and CPKC was <a href="https://www.globenewswire.com/Tracker?data=X3nT1rkc0nDQsfc4HftCxi9_pzwCRHsWkZfqJCmmNGFo0RtH6BSCcF6v5Gf3ktBNSuWoxSitxzF7N9chjs7EQOQoJacIot6BAeP4Iid0MKzy8nJeiaCsPjr8Wqi29oH5YXqt6kbmInjfXUZz8Z4Nfy7SnU-J05hPi7kft5XgKdZSljdBo7u2v59_V5RdmJ8X_E6P3xC0xTaprounWUZwOtnlXCMoyZbwzYQTMQf4V87Dt7D81pl3jSAVwACFXDKC">announced</a> in the summer of 2023.</p>
<p>Hydrogen presents a promising alternative to fossil fuels, offering greater efficiency and zero emissions. Unlike traditional diesel engines, hydrogen-powered locomotives emit only water vapor, contributing to cleaner air and environment.</p>
<p>As the next step, CSX will deploy the new hydrogen-powered locomotive for field testing and further evaluate its performance and operational feasibility. This initiative marks a significant stride forward in CSX's ongoing commitment to innovation and sustainability.</p>
<p>To view a video about CSX's hydrogen powered locomotive, <a href="https://www.globenewswire.com/Tracker?data=DOhWmTAxMPMQzBTf588OjNFkpF10A5FIQ4zJKFFM0INIz1QJxJLsOjb8tlT-hRcytsynJdY6Jyobad6vU9_SiFL38DPiRFpfDwwiYBKYMZkiR70lI9_VKRzoBbTPG3w8">click here</a>. For more information about CSX and its sustainability initiatives, visit <a href="https://www.globenewswire.com/Tracker?data=XkdWcaeQEMvsx1qk5n3JPqpH8uKLbWV5sydM1qlJWiAMN-LQo32-vzTBLNp-nHN-SvFVQmX4QytDWyXGdP_ag19g52fvHnDuQ_J9vv3ztZ4iSq6_YZ5nLQy86Uiqy8JYoMcAa4k-Ttz_tE0Q6-ImSa6Q4_NTc6XLSyP1IrtKq2c=">csx.com/esg</a>.</p>


CSX Unveils Its First Hydrogen-Powered Locomotive In Collaboration With CPKC

<p>Stifel  analyst Benjamin Nolan   maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Hold and raises the price target from $80 to $83.</p>


Stifel Maintains Hold on Canadian Pacific Kansas, Raises Price Target to $83

<div><strong>Norfolk Southern</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nsc#NYSE">NSC</a>) heads toward its May 9 annual meeting and the resolution of its battle with activist shareholder Ancora over control of the company with a public campaign that may have taken a hit Tuesday, judging from a preview of the railroad's first-quarter numbers.</div>

<p>In an outlook for Q1 earnings, which are to be released April 24, Norfolk Southern said adjusted earnings would come in at $2.49 a share and adjusted operating ratio would be 69.9%.</p>

<p>Those numbers are both below Wall Street consensus on how the railroad, which serves the Eastern half of the U.S., performed in the quarter. The report initially pushed Norfolk Southern stock down before a later rebound.</p>

<p>According to SeekingAlpha, the consensus forecast for adjusted EPS was $2.59 a share, 10 cents more than Norfolk Southern said it made in the quarter. The adjusted OR was expected to be 69%, according to consensus, 90 basis points better than what Norfolk Southern now says it will report.<br /><script type="text/javascript">
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<p>The nonadjusted numbers are far different from the adjusted figures, primarily as a result of the company's $600 million settlement over the East Palestine, Ohio, derailment and chemical spill last year. Those GAAP results, which take into account charges connected to East Palestine as well as other charges, take the OR up to 92.9% and diluted earnings per share to 23 cents a share.</p>

<h2 id="h-sitting-down-with-wolfe-research">Sitting down with Wolfe Research</h2>

<p>As part of its campaign against the Ancora push for new management, which is taking place now through proxy voting, Norfolk Southern management has been making numerous public appearances. On Wednesday, an online interview with transportation analyst Scott Group of Wolfe Research had embattled CEO Alan Shaw saying the Tuesday report wasn't all that bad. </p>

<p>"We had said that first-quarter OR was going to be 100 to 200 basis points deterioration from the fourth quarter, and it's up 110 basis points with normal seasonality" Shaw said. "But we're encouraged by the fact that OR improved throughout the quarter each and every month and really positions us well to deliver that 400-to-500-basis-point improvement in the second half of the year."</p>

<p>But Amit Mehrotra, the head of the transportation research group at <strong>Deutsche Bank</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>), described the railroad's preliminary numbers as "very difficult" in his daily transportation email update.</p>

<div>
<h1>Settlement before May 9?</h1>

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<p>Mehrotra, who will host an online session with Shaw and other NS executives next week, added that the outcome of the proxy battle will not necessarily stretch until the May 9 annual meeting. Before that, Mehrotra said, there likely will be "significant visibility" on which way the vote is going. "So, it's very possible for there to be a settlement in early May, in our view, if the results are overwhelmingly one sided" he said.</p>

<p>"The bottom line is change is coming to NSC one way or another, in our view" Mehrotra wrote. "Either with current management that will remain under pressure until tangible progress is achieved, or with new management and a new board that will likely adjust and accelerate the profit improvement plan."</p>

<p>Ancora recently boasted that its effort to replace existing management got the backing of asset manager Neuberger Berman. </p>

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<p>Shaw, in the interview with Group, of Wolfe Research, said there have been negotiations between the Norfolk Southern board and representatives from Ancora. He said part of the offer Norfolk Southern has made is to have "some" of what the railroad considers "their better candidates" become members of the Norfolk Southern board.</p>

<p>"The response from the activists has been unreasonable" Shaw said. "They're looking for wholesale change. And that's not something that the board feels is the right approach for our shareholders going forward."</p>

<p>But he added that the company is open to a settlement.</p>

<p>(Settlements between company management and activist investors often end a proxy battle. That occurred Tuesday in a battle over control over <strong>Macy's</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/m#NYSE">M</a>).</p>

<p>The Norfolk Southern statement of its projected first-quarter earnings reviewed the company's operations during the three months. Among the highlights: Volume was up 4%, but revenues were down 4% because of headwinds from lower fuel surcharges and "the continuation of adverse mix" a euphemism for the type of cargo the company is hauling being less profitable than might be seen at other times.<br /><script type="text/javascript">
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<p>But NS also said the company had record revenue less fuel in its merchandise markets.</p>

<p>The report was not so dire as to change any Wall Street analyst ratings on Norfolk Southern stock. Wire services reported that the current outlook for the railroad was held steady by RBC Capital and Susquehanna even after the preliminary numbers were released.</p>

<h2 id="h-orr-hiring-attacked-by-ancora">Orr hiring attacked by Ancora</h2>

<p>Ancora also released a letter to shareholders last week, which criticized the hiring of rail veteran John Orr as COO.</p>

<p>The letter held back little. Ancora criticized Norfolk Southern for not interviewing its candidate for COO, former CSX executive Jamie Boychuk. It also said Orr was hired primarily because of his ties to Claude Mongeau, a Norfolk Southern director and a former CEO of Canadian National, where Orr had worked before he was at Canadian Pacific, now known as Canadian Pacific Kansas City (CPKS) after its merger with Kansas City Southern. </p>

<p>Norfolk Southern said when it announced Orr's hiring on March 20 that it had paid $25 million to <strong>CPKS</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cp#NYSE">CP</a>) for the right to hire Orr. But the Ancora letter questions that figure, saying an analysis of what CPKC said about the deal and its impact on earnings suggests a figure that is far higher in total value.</p>

<p>Boychuk's Ancora-backed candidacy for COO at Norfolk Southern runs alongside the candidacy of former UPS executive Jim Barber Jr. to replace Shaw if he is pushed out. Ancora also has nominated eight directors.</p>

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<p>The letter also brought up accusations from Orr's past that he was abusive to employees, with plenty of redacted adjectives he allegedly used to describe employees. The letter leveled charges of racism and sexual harassment.</p>

<p>Former Orr colleagues interviewed by Ancora representatives "indicated that they would provide sworn affidavits regarding Mr. Orr's conduct" the activist shareholder group said. "We do not understand how the Board and Mr. Shaw have decided to bet the Company's future on Mr. Orr."</p>

<p>The issues raised by Ancora did not come up in the interview with Wolfe Research. </p>

<p>The post <a href="https://www.freightwaves.com/news/preliminary-q1-results-at-embattled-norfolk-southern-miss-expectations">Preliminary Q1 results at embattled Norfolk Southern miss expectations</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.</p>

<p>Benchmark  analyst Mark Levin   reiterates Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Hold.</p>


Reiteration

Benchmark Reiterates Hold on Canadian Pacific Kansas

<p>Jefferies  analyst Stephanie Moore   initiates coverage on Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Buy rating and announces Price Target of $105.</p>


Initiation

Jefferies Initiates Coverage On Canadian Pacific Kansas with Buy Rating, Announces Price Target of $105

<p>Barclays  analyst Brandon Oglenski   maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Overweight and raises the price target from $90 to $96.</p>


Barclays Maintains Overweight on Canadian Pacific Kansas, Raises Price Target to $96

<p>National Bank Financial Inc  analyst Cameron Doerksen   maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Sector Perform and raises the price target from $112 to $121.</p>


National Bank Financial Inc Maintains Sector Perform on Canadian Pacific Kansas, Raises Price Target to $121

<p>Susquehanna  analyst Bascome Majors   maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Neutral and lowers the price target from $85 to $84.</p>


Susquehanna Maintains Neutral on Canadian Pacific Kansas, Lowers Price Target to $84

<p>Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) has outperformed the market over the past 20 years by 7.62% on an annualized basis producing an average annual return of 15.44%. Currently, Canadian Pacific Kansas has a market capitalization of $82.21 billion. </p>
<p><strong>Buying $1000 In CP:</strong> If an investor had bought $1000 of CP stock 20 years ago, it would be worth <strong>$17,952.23</strong> today based on a price of $88.16 for CP at the time of writing.</p>
<h3>Canadian Pacific Kansas's Performance Over Last 20 Years</h3>
<p><img src="https://www.benzinga.com/files/images/story/2024/1711555210_0.png" alt="comp_fig" /></p>
<p>Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.</p>
<p><em>This article was generated by Benzinga's automated content engine and reviewed by an editor.</em></p>
