Canadian Pacific Railway Limited (NYSE:CP – Get Rating) (TSE:CP) – National Bank Financial boosted their Q4 2023 earnings estimates for shares of Canadian Pacific Railway in a report released on Thursday, July 28th. National Bank Financial analyst C. Doerksen now expects that the transportation company will post earnings per share of $1.03 for the quarter, up from their prior estimate of $1.01. The consensus estimate for Canadian Pacific Railway’s current full-year earnings is $2.86 per share.
Other analysts have also issued reports about the stock. Bank of America lowered shares of Canadian Pacific Railway from a “buy” rating to a “neutral” rating and set a $81.00 target price on the stock. in a research report on Friday, April 8th. StockNews.com raised shares of Canadian Pacific Railway from a “sell” rating to a “hold” rating in a research note on Tuesday, June 21st. Raymond James reduced their price target on shares of Canadian Pacific Railway from C$105.00 to C$100.00 in a report on Friday, April 22nd. Credit Suisse Group initiated coverage on shares of Canadian Pacific Railway in a report on Monday, June 27th. They issued a “neutral” rating and a $74.00 price target for the company. Finally, Scotiabank cut shares of Canadian Pacific Railway from a “sector outperform” rating to a “sector perform” rating in a report on Thursday, July 7th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.13.
Canadian Pacific Railway Stock Performance
Canadian Pacific Railway (NYSE:CP – Get Rating) (TSE:CP) last released its quarterly earnings results on Thursday, July 28th. The transportation company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.19. The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. Canadian Pacific Railway had a net margin of 36.24% and a return on equity of 11.88%. Canadian Pacific Railway’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.84 EPS.
Canadian Pacific Railway Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be issued a dividend of $0.148 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.59 dividend on an annualized basis and a yield of 0.75%. Canadian Pacific Railway’s dividend payout ratio is currently 18.67%.
Institutional Trading of Canadian Pacific Railway
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brown Advisory Inc. lifted its position in Canadian Pacific Railway by 95.5% during the fourth quarter. Brown Advisory Inc. now owns 11,711 shares of the transportation company’s stock valued at $842,000 after purchasing an additional 5,721 shares during the last quarter. National Asset Management Inc. purchased a new position in Canadian Pacific Railway during the 4th quarter valued at about $453,000. Allspring Global Investments Holdings LLC purchased a new position in Canadian Pacific Railway during the 4th quarter valued at about $396,000. Commonwealth Equity Services LLC grew its position in shares of Canadian Pacific Railway by 82.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 43,554 shares of the transportation company’s stock worth $3,133,000 after buying an additional 19,745 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Canadian Pacific Railway in the 4th quarter worth approximately $10,774,000. 75.22% of the stock is owned by hedge funds and other institutional investors.
About Canadian Pacific Railway
Canadian Pacific Railway Limited, together with its subsidiaries, owns and operates a transcontinental freight railway in Canada and the United States. The company transports bulk commodities, including grain, coal, potash, fertilizers, and sulphur; and merchandise freight, such as energy, chemicals and plastics, metals, minerals and consumer, automotive, and forest products.
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