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Canadian Pacific Kansas City Limited (CP) - free report >>
ArcBest Corporation (ARCB) - free report >>
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Canadian Pacific (CP) Grain Movement Hits New Record in January
Canadian Pacific Railway Limited (CP - Free Report) set a new record with respect to movement of Canadian grain and grain products in January. Last month, the railroad operator moved 2.22 million metric tonnes (“MMT”) of Canadian grain and grain products, exceeding last January’s record by 6%.
During the 2020-2021 crop year, Canadian Pacific shipped 16 MMT of Canadian grain and grain products, more than 13% higher than the amount shipped in the 2019-2020 crop year.
In line with the objective of investing in its grain fleet, Canadian Pacific added more than 3,800 new hopper cars to its fleet via purchase or lease. The new high-efficiency railcars carry 15% more grain with respect to volume and 10% more in terms of weight compared with older cars that are being replaced. The company is significantly investing in its grain fleet with additional hopper cars coming into service every week.
Canadian Pacific Railway Limited Price
Canadian Pacific Railway Limited price | Canadian Pacific Railway Limited Quote
Owing to the company’s upbeat grain movement, revenues from the grain sub-segment, within freight unit, rose 7% year over year in the fourth quarter of 2020. The same increased 9% year over year in 2020.
Zacks Rank & Key Picks
Canadian Pacific carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are ArcBest Corp. (ARCB - Free Report) , Saia, Inc. (SAIA - Free Report) and Herc Holdings Inc. (HRI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of ArcBest, Saia and Herc Holdings have rallied more than 57%, 54% and 73% in the past six months, respectively.
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