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Canadian National R.R. Stock Symbol: CNR-T

Last Price Recorded: $100.9000 on 2017-09-25

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Date Signal Expert Opinion Price
2017-09-20 COMMENT Zachary Curry

This is really predicated on economic growth. There are 2 facets to their model. One is price increases and the other is volume increases. They have been able to pass on price increases fairly consistently. On the volume side, it is economic growth. A very well-run rail with a low operating ratio.


Price:
$101.100
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on CANADIAN MARKET
Owned:
No
2017-09-19 COMMENT Nick Majendie

His preferred choice in rails, and his biggest investment in that sector. They have a tendency to outperform their guidance, and thinks they will do it again this year. Very strong cash flow growth. Good operating ratio performance. Because of the free cash flow growth, the dividend keeps constantly being increased.


Price:
$100.740
Subject:
CANADIAN LARGE
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2017-09-12 BUY Christine Poole

Growth stock for a dividend investor? This would be a high-quality growth stock. A very strong operator and obviously benefits from an improving economy and improving trade. It has a record of an increasing its dividends. This is the best operator of all the rails.


Price:
$99.660
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-09-06 COMMENT Stephen Groff

An outstanding rail. Very well-run with a deep management bench. An excellent franchise in terms of where they touch on the coast. However, it is all about what you pay for a business. This is not cheap. There are other rails that are better value such as CSX Corp (CSX-Q), where expectations are not as high. They’ve had certain service issues and Hunter Harrison will truly enact the plan he has laid out and issues will be resolved. Dividend yield of 1.7%.


Price:
$99.220
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
UNKNOWN
Owned:
No
2017-09-06 COMMENT Keith Richards

The stock has moved up, but is now looking like it is breaking the upward trend line. It is most definitely consolidating. It could consolidate for a while and then move up again. That is not a bad thing, but you have to be a patient person during that period.


Price:
$99.220
Subject:
TECHNICAL ANALYSIS
Bias:
UNKNOWN
Owned:
No
2017-08-30 TOP PICK Mike S. Newton, CIM FCSI

If Canada is going to do well, and we are going to have a back half pick up like everyone thinks, why not own this. The recent pullback represents a buying opportunity. Dividend yield of 1.6%. (Analysts’ price target is $109.70.)


Price:
$100.640
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
BULLISH
Owned:
Yes
2017-08-28 PAST TOP PICK Bruce Campbell (1)

(Top Pick Oct 28/16, Up 18.51%)  The rails that have done well and are no longer cheap.  The trend line is not broken, but it sure needs to hold in.  If planned pipelines are not built we may get a lot of crude by rail.


Price:
$99.100
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-08-28 TOP PICK Richard Croft

Covered Call. A stock he thinks would benefit if the Canadian economy continues to do well. The Canadian economy is in pretty good shape and this company is representative of that. There was a downturn recently in the stock price, and this is a good entry point. He would look at an “at the money” covered call on this. Dividend yield of 1.6%.


Price:
$99.100
Subject:
OPTION STRATEGIES & E.T.F.S
Bias:
UNKNOWN
Owned:
Yes
2017-08-23 BUY Douglas Kee

It is a long term core holding. It has come off a bit recently after a huge run.  At current prices it is fully valued.  He wants to buy it in the low $90s or high $80s.  They increased their dividend 10% plus for the last 5 years.  He prefers this to CP’s dividend record.  He also likes that it is more North/South.  It is more US oriented. 


Price:
$99.810
Subject:
CANADIAN DIVIDEND
Bias:
SELECTIVE
Owned:
Yes
2017-08-21 BUY David Driscoll

Has owned and holded since 1997. CNR has advantages in North America.  They are North/South as well as East/West. They can transport goods from Winnipeg to Mexico City. Their acquisition allows them to get around Chicago quickly.  They own a quarter of the container port in Prince Rupert BC, which is a day closer to Hong Kong than other coastal ports. Premier rail company in Canada and North America.  They don’t just transport grain, they transport all sorts of products.


Price:
$99.910
Subject:
GLOBAL
Bias:
DEFENSIVE
Owned:
Yes
2017-08-18 BUY on WEAKNESS Norman Levine

It is the best run railway in North America.  They need increasing volumes in products and commodities to move.  They have a big exposure to cross boarder business and not so much to commodities.  Hopefully NAFTA stays as it is.  The dry weather out West could be bad for them.  Buy as they sell off.


Price:
$100.000
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
Yes
2017-08-17 BUY Bruce Campbell (1)

(Market Call Minute)  Get it under $100 if you can buy.  It is a nice offset if you own pipelines.


Price:
$101.210
Subject:
CANADIAN LARGE
Bias:
SELECTIVE
Owned:
Unknown
2017-08-03 COMMENT John Stephenson

Canadian National (CNR-T) and Canadian Pacific (CP-T). These have both lagged relative to the market. The market tends to allocate cash toward certain areas and groups at the expense of others. He thinks it is more of a function of what is going on. Overall, the valuation is not super compelling. If it is a long-term call you are looking for, he would just buy them and put them away.


Price:
$100.190
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-08-01 HOLD Bruce Murray

This has pulled back. The grain crop in Western Canada has been light. Growth rates have been good for the last couple of years, so people have been working for them to slow down. On a long-term basis, it has been a wonderful company to own. They still have the ability to move forward and grow with the economy, and gradually take market share away from trucking, etc.


Price:
$99.780
Subject:
NORTH AMERICAN
Bias:
BULLISH on US MARKET
Owned:
No
2017-07-31 DON'T BUY Brooke Thackray

From a seasonal point of view, rails do not do well at this time of year. In fact, there is a pullback in the overall transportation sector. The chart shows this has broken its upward trend. He has a small Short position on the transportation sector. Rails during the month of August, since 1990, have produced an average loss of 2.6%, and have only been positive 42% of the time.


Price:
$98.520
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
CAUTIOUS
Owned:
Unknown
2017-07-26 WAIT David Cockfield

Thought this was a little expensive for some time, and yet it kept moving up. It is definitely overpriced at present levels. Multiples are quite high. The dividend is nothing to write home about. He would sit on the sidelines and see what happens over the next while.


Price:
$99.000
Subject:
CANADIAN & ETF's
Bias:
UNKNOWN
Owned:
Unknown
2017-07-24 COMMENT Keith Richards

Rails are starting to look a little iffy. The chart looks like it has a slight toppy looking formation going on. It looks like it is testing the bigger upward trend line, which is running from 2016. The chart shows a small neckline break, but the bigger picture is, is the big trend line still being held? $100 is going to be significant for the stock. If it holds it over the next couple of months, then you are probably okay. If it breaks it by much, and stays below $100 for long, it could be a problem.


Price:
$101.630
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
Unknown
2017-07-20 BUY on WEAKNESS Hap (Robert) Sneddon FCSI

He is looking to buy this. It has come into his model, but he needs a little bit of discretion as to when to pull the trigger. It has seen some short-term support levels at around $106, which brought in a lot more selling down to around $103. If we get the procyclical bump in the market, he would stick around with this. Expects some weakness next week. Seasonality kicks in around September.


Price:
$103.220
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
No
2017-07-05 COMMENT Daniel Lloyd

Rails in general are interesting businesses in that they are very unique assets. They are very economically sensitive. If you believe that an eventual fiscal stimulus will come to the US, names like this will do very well. He is a little more skeptical on that. In general, this is fully valued.


Price:
$106.150
Subject:
CANADIAN
Bias:
BULLISH on ENERGY
Owned:
No
2017-07-04 BUY on WEAKNESS Bruce Campbell (1)

He likes this, but would like an entry point that started in the $90 area. Wait for this to drop under $100.


Price:
$104.650
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2017-06-27 COMMENT Ryan Bushell

One of the lowest dividend yields that he holds at 1.5%. Likes the company long term, but it is pretty rich at these prices. The dividend has been growing at mid-teens over the last 5 years. This company has great prospects ahead of it. He has been trimming his holdings recently. He would like to see the dividend at 2% before accumulating more.


Price:
$106.780
Subject:
CANADIAN DIVIDEND
Bias:
UNKNOWN
Owned:
Yes
2017-06-26 WATCH Peter Brieger

This has had quite a run and wouldn’t buy it at this time. All the rails are expensive. He would like to see this pull back at least 5%-8%.


Price:
$107.010
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-06-20 BUY David Burrows

The economically sensitive sectors in the market rested from December through May. Since May, we have seen a reacceleration in financials, industrials and transports. He likes transports. The rails have a real exposure to North American economy. This one has great north-south exposure, and has been one of the best performing rails in North America.


Price:
$106.020
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-06-16 COMMENT Greg Newman

Just guided 10% EPS over the next 5 years. They claim they have a competitive advantage in technology, that will allow them to stay ahead of the competition. Great balance sheet. Very good growth. He models 12% EPS growth over the next couple of years. The only thing is, it is very expensive.


Price:
$107.570
Subject:
CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias:
BULLISH
Owned:
Unknown
2017-06-13 BUY on WEAKNESS Barry Schwartz

Any pullback on this is a “must buy”. It keeps going straight up. Management is fabulous.


Price:
$105.320
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-06-12 WATCH Keith Richards

He made some profit on it.  It is facing the same problem as the FANGs.  It is not a bad stock.  A lot of stuff needs to correct, however.  It needs to correct back to its trend line. 


Price:
$105.830
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
No
2017-06-06 PARTIAL BUY John Stephenson

The rails are good. They are typically a little expensive in terms of valuation, but they are a great way to play this industrial theme that is on. You would be hard-pressed to find a much better run company than the rails, and there is really only a choice of 6. He would buy a little bit every day and buy little more on any pullback.


Price:
$105.980
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-06-02 COMMENT Brian Acker, CA

This is underpriced compared to Canadian Pacific (CP-T), and he would give this one the edge. It will probably go to $118.51.


Price:
$105.860
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US$
Owned:
Unknown
2017-05-18 DON'T BUY David Cockfield

Has lightened up his positions in this. It got to a point where it was reasonably expensive. Thinks this has pretty well done all it can to improve its operations. With the new pipelines going in, the oil side looks like it is not going to be as accretive to the bottom line. It looks a little expensive for railroad. This is not the time to step in.


Price:
$99.940
Subject:
CANADIAN & ETF's
Bias:
UNKNOWN
Owned:
Yes
2017-05-17 DON'T BUY David Baskin

One of the big questions having to do with this rail is NAFTA. A lot of what it does depends on commodity movement and commodity prices. It is a profitable company and is doing quite well. He wouldn’t buy it at this price.


Price:
$99.220
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-05-16 BUY on WEAKNESS Christine Poole

This is her pick in the rail space. They had a really strong quarter, and the stock moved on that. Wait for a drop in price to under $100 before stepping in.


Price:
$102.220
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-15 BUY on WEAKNESS Bruce Campbell (1)

A bit of a tough entry point, because it is doing so well. He would want to pay something like $95-$97. If you own, it is still OK to Hold.


Price:
$103.000
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2017-05-09 COMMENT Lyle Stein

This has been one of the great investments in Canadian history. It is a great name to own. The railroad industry is a monopoly, because we are not going to build new railroads anywhere in North America. The number of investable rails has shrunk. You can pick any one. He finds them a little pricey in the current market. Their multiples are typically less than the markets, and are trading at kind of a market multiple today.


Price:
$101.890
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-08 SELL Ross Healy

The stock is very extended.  The rails have had a great run.  The problem is that it started at book value and is now at about 5.5 times book and it is not going to do that again.  He is not knocking the company and the management, but the problem is that it is ‘in the market’ already.  It is VERY expensive.


Price:
$101.930
Subject:
NORTH AMERICAN - LARGE
Bias:
BEARISH
Owned:
Unknown
2017-05-08 HOLD Don Vialoux

This just had a slight technical break out today. It went into an all-time high. It is a gorgeous chart. Trending higher. On a seasonal basis, this has a difficult time between now and coming into the fall. However, on any stock that is moving like this one, stick with it for now.


Price:
$101.930
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
UNKNOWN
Owned:
Unknown
2017-04-24 COMMENT Peter Brieger

He likes this fundamentally. Looking at the rail charts of the major North American rails, they have all advanced in the last month or 2, discounting an economic recovery to the point that they are all at levels that make it uninteresting at this time. If you own it, continue to Hold.


Price:
$102.210
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-23 PAST TOP PICK Norman Levine

(Top Pick Mar 22/16, Up 24%) The best run, most profitable railway in North American.  He likes their structure better than CP-T.  CNR-T is less commodity oriented and has a bigger US footprint.  This has been a better grain season.  This one continues to be his favourite.


Price:
$96.730
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-03-14 DON'T BUY Daniel Lloyd

He would avoid rails in general. The idea of import taxes, trade wars, etc. it is not really conducive to goods crossing borders. This one particularly, does a lot of business taking foreign freight along the West Coast, and into the US. He would worry about that freight suddenly going directly to the US, as opposed to through Canada.


Price:
$96.060
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-03-13 COMMENT Matt Kacur

Still thinks there is upside in the rails. The fact that they have improved their ROC for about 6 years in a row, from 5% up to 9%, and if it can edge a little higher, valuation is going to go up as well. Canadian Pacific (CP-T) might be a little stronger.


Price:
$97.830
Subject:
NORTH AMERICAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-03-02 BUY on WEAKNESS Jon Vialoux

The trend is still firmly higher. It has been trading in a rising trend channel for the past 6 months, and there is no indication it is going to stop here. The major moving averages are all pointing higher. Transportation tends to do well from about the end of January all the way through to May, and that is attributed to the pickup in industrial production in the more cyclical areas of the economy. It looks ideal to pick up on any pullback or weakness down to its 20 or 50 day moving averages. He has the 20 day at about $92, which would be a more opportune time to pick it up.


Price:
$95.020
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
UNKNOWN
Owned:
Unknown
2017-02-24 COMMENT Bill Shaw

This has had quite a run in the past year. Efficiency ratios are excellent and management is good. Pays a modest dividend. It is fully valued.


Price:
$92.360
Subject:
CANADIAN DIVIDEND & REITS
Bias:
UNKNOWN
Owned:
Unknown
2017-02-13 BUY Paul Harris, CFA

18 times earnings.  You have a growing US economy and the Canadian economy is turning around.  There are large barriers to entry.  There are fewer competitors and those competitors are more rational.  He thinks you will see some increases in pricing.  It is a great place to be right now.  It trades at a discount to US peers. 


Price:
$93.460
Subject:
NORTH AMERICAN/GLOBAL
Bias:
BEAR
Owned:
Unknown
2017-02-10 BUY Norman Levine

The best run and most profitable railroad in North America. As a long-term investor, he would continue to hold this. It will benefit from increasing economic growth in both Canada and the US. It is not as commodity related is Canadian Pacific (CP-T).


Price:
$92.380
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Yes
2017-02-06 WATCH Brian Acker, CA

CSX-N was the cheapest one and now Hunter Harrison may be taking a run at it.  CNR-T has a model price at $106.10 with a 17% upside still.  He does not like to buy them except at EBV-5, around $72 in this case.  All rails are very, very expensive here.


Price:
$89.740
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL on FINANCIALS
Owned:
Unknown
2017-01-27 PARTIAL BUY Kash Pashootan

Canadian National (CNR-T) or Canadian Pacific (CP-T)? He likes both. Hunter Harrison leaving Canadian Pacific has somewhat neutralized it. On a valuation basis, you aren’t getting a bargain of one over the other. He would take a half position in both.


Price:
$92.370
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
Unknown
2017-01-23 BUY Steve DiGregorio

If there was one stock that he had to pick to hold forever to beat the TSX every year, it would probably be this one. A good area to be invested in.


Price:
$93.220
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
No
2017-01-20 COMMENT Michael Simpson, CFA

The best rail in North America. Lowest operating ratio and generates a lot of free cash flow. Very customer focused. It continues having good growth. They don’t haul a lot of coal or oil, but incrementally that could be positive. He expects them to continue giving best class execution and continued dividend growth.


Price:
$93.450
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 HOLD Paul Harris, CFA

Sell? Transports have done quite well in the last while and are up a fair bit. This is trading at about 18X earnings. The rail industry has consolidated quite heavily over the last 5-10 years, so you have seen them really thinking about ROI. Because they have a better efficiency and asset utilization, they’ve had better margins, and that is going to continue. With oil stabilizing and commodities doing a little better, you should see better returns over the next while.


Price:
$93.370
Subject:
GLOBAL LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 PAST TOP PICK Jason Mann

(Top Pick Feb12/16, Up 24.02%) He still holds it and has so for years.  It is reasonable cheap, rising and stable.  About 25% ROE.  PE is about 20 times.  They have a group of asset you can’t replicate anywhere else.  Buy more on weakness.


Price:
$93.370
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Yes
2016-12-23 COMMENT Lorne Zeiler

Canadian National (CNR-T) or Canadian Pacific (CP-T)?In his view, this one is the better choice. It is the best quality management, lowest cost operator and the company that puts the most money into their fleet. Trading at a slight premium to Canadian Pacific.


Price:
$91.520
Subject:
NORTH AMERICAN DIVIDEND STOCKS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-12-19 BUY on WEAKNESS Peter Brieger

It is the best railroad in North America with the lowest operating ratio.  He would want to see it come off 5% more before buying it right now.  CP-T is a little cheaper at the moment but CNR-T has the best long term record.  You have to look at what they haul and what is the outlook for what they haul.  Then look at costs and cost cutting.  Dividends are not as important as for a utility or pipeline.


Price:
$90.000
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL
Owned:
Yes
2016-12-05 HOLD Stephen Groff

It is a great company.  He has a small position.  He has a lot of respect for the management.  They are truly a machine.  Valuation is keeping him from increasing his position.  CP-T had more potential improvements so increased more.


Price:
$89.920
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
SELECTIVE
Owned:
Yes
2016-11-22 COMMENT David Burrows

Transports began selling off at the beginning of the correction in 2015 in the US. That indicated there was probably weakness coming. Coming into this fall, transports were regularly picking up on a relative basis, versus the market. The north/south corridor may not be as good if there is trouble with NAFTA. East/west might be a little better for now.


Price:
$88.970
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2016-11-03 COMMENT Barry Schwartz

(Market Call Minute.) The best run railroad in the world. It has delivered terrific results for long-term investors.


Price:
$83.480
Subject:
NORTH AMERICAN - LARGE/MID CAPS
Bias:
UNKNOWN
Owned:
Unknown
2016-10-28 TOP PICK Bruce Campbell (1)

It is a good.   More US than Canada for economic exposure that pulled back about $4 this week.  It neat the estimates on the street.  Expect a 10% appreciation making it a double digit return.


Price:
$83.210
Subject:
CANADIAN LARGE
Bias:
SELECTIVE
Owned:
Yes
2016-10-26 DON'T BUY Cole Kachur

Kind of a bellwether Canadian stock. Just reported, and earnings were good. They are starting to see a little bit of headwind from their grain capacity. Also, they are not getting some of the premiums that they got moving oil. A good company, but fully valued. He would look elsewhere.


Price:
$84.300
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2016-10-14 BUY Don Vialoux

Rails look very interesting, both technically and seasonally. Technically, it is in a nice upward trend, and broke to a new high last week. Historically, railways hit a very important low around the 1st week of October and move higher right through until about the 1st week in January. They then take a bit of a rest and have another run through until springtime.


Price:
$87.150
Subject:
SEASONAL INVESTING
Bias:
BULLISH
Owned:
Unknown
2016-10-13 COMMENT David Baskin

He currently does not have any rails. This has a lot to do with commodity prices, because the rails make so much of their money on the movement of bulk commodities. He is seeing a lot of changes in the commodity markets. A terrific company, but doesn’t think it is a compelling growth story.


Price:
$87.830
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2016-09-14 COMMENT Rick Stuchberry

If he is right on the market, rails will be fine, and will go up. He prefers this one right over Canadian Pacific (CP-T). Transports will go with the market. It makes sense that if the economy gets stronger, the transports will get stronger.


Price:
$80.920
Subject:
CANADIAN & INTERNATIONAL ADRs
Bias:
OPTIMISTIC
Owned:
No
2016-09-13 COMMENT David Burrows

Canadian National (CNR-T) or Canadian Pacific (CP-T)? When the market started to weaken last spring, one of the things that led the market to the downside was Transports. Over the last few weeks, transports have been picking up relative to the market, which is encouraging for the market. This is an interesting time to take a look at the transports. He has a simple view. CN is North-South; US-Mexico. CP is more about East-West and more about commodities and more about global trade. He prefers to make the trade on the North American block. CN right now is about 15% of forest products, and the housing market in the US has been growing now at about 10%. He would prefer this rail at this point.


Price:
$80.930
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2016-09-13 BUY on WEAKNESS Christine Poole

(Market Call Minute.) She likes this, and is waiting for a pullback below $80.


Price:
$80.930
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-08-26 COMMENT Stan Wong

These names are considered cyclical because they are in the industrial space. The chart looks pretty decent in that it has broken above the 200 day moving average and staying above that. Also, oil prices have started to recover so the volume moving from A to B should start to improve. Some others he has been watching include CSX (CSX-X) and Union Pacific (UNP-N).


Price:
$84.640
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
BULLISH
Owned:
No
2016-08-10 COMMENT Jon Vialoux

Transportation stocks tend to do well from about September all the way through to November, with an average gain of about 12%. October alone has tended to gain an average of 5.4%, and has been positive 80% of the time. Chart shows this broke above resistance, which goes back quite a way, and it is just trying to consolidate here. Momentum indicators are turning positive also. It looks good.


Price:
$81.930
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
CAUTIOUS
Owned:
Unknown
2016-08-08 HOLD Don Vialoux

Moves lower this time of year, but is doing better this year at this time.  He would be cautious at these levels.  Look at indicators to see when you want to take profits, probably in the next couple of weeks.


Price:
$82.050
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
CAUTIOUS
Owned:
Unknown
2016-08-02 COMMENT Greg Dean

The commodity downturn we saw happen 1.5 years ago, had a big impact on volumes, not just oil, but a number of things that were shipped by rail. This, and Canadian Pacific (CP-T) have become phenomenal businesses over the last 15 years in terms of returns. Rails are businesses he wants to own at the right price, and the right price on this was a couple of months ago, so he has not been adding to it since. This represents good value today. Prefers Canadian Pacific even though it is more expensive.


Price:
$80.990
Subject:
GLOBAL GROWTH
Bias:
UNKNOWN
Owned:
Yes
2016-07-29 HOLD Lorne Zeiler

Trading at fair value, but doesn’t expect a lot of upside in the near term. He really likes that even though they have had declining revenues by about 11%, they are the leaders in their industry, the most cost-effective player and have been able to raise prices. In spite of the revenue decline, they are only down about 2.5% in terms of earnings. A cautionary note for the near term is that transport stocks tend to move with the market, and often tend to lead the market. If we see a 5%-10% pullback, this is good to follow. Trading at 18X forward earnings, a level that it has been trading at for the last 3-4 years. Doesn’t expect a lot of earnings growth in the near term. 16X forward earnings would be a great entry point. Dividend yield of 1.8%.


Price:
$82.770
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Yes
2016-07-25 BUY Norman Levine

(Market Call Minute) It is in the best position of the rail ways because of less commodity exposure and because it is North/South.


Price:
$83.990
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-06-23 BUY on WEAKNESS Brian Acker, CA

An entry point on this is $71.50. His model price is $98.80, a 30% upside. Has been waiting for this to come back.


Price:
$76.030
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US$
Owned:
Unknown
2016-06-21 WAIT Zachary Curry

Feels the rails are in for a bit of a rough go. There are a bunch of factors working against them. Oil shipping by rail is a factor and consumer demand is pulling back. The change in the CEO will create some potential small dislocation. If holding for a long-term, it is a great one.


Price:
$74.800
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2016-06-20 BUY James Telfser

Industrial company with a good, safe dividend. Very well-run. He is considering buying at these levels. Valuations usually don’t get down to these levels. A high-quality dividend growth stock, and one you can buy and tuck away for a few years.


Price:
$75.480
Subject:
CANADIAN
Bias:
OPTIMISTIC
Owned:
No
2016-06-17 HOLD Norman Levine

Canadian National (CNR-T) or Canadian Pacific (CP-T)? He owns this one and prefers it. It has less commodity exposure and more cross-border north/south from Mexico. The whole transportation division has been weak lately, but likes it as a long-term investment. You don’t have to run out and buy the rails at this time.


Price:
$75.120
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-06-16 BUY Paul Harris, CFA

Canadian National (CNR-T) or Canadian Pacific (CP-T)? He likes the rails. This has suffered in the last little while and kind of moved sideways. Buying at these levels makes a lot of sense. A great thing about the rails is the effect that shipping has on the environment. It is much better to transport by rail than by trucking. Also, the rail industry has really consolidated over the last 10 years, and are far more conscientious about their cost structure and their return on capital.


Price:
$75.130
Subject:
NORTH AMERICAN/GLOBAL
Bias:
UNKNOWN
Owned:
Yes
2016-06-15 HOLD Bruce Campbell (1)

There are some economic concerns with some specifics. As long as you think the US economy is going to hang in, and show the 2%-3% growth that he thinks it is going to, it would be a Hold. The next time it gets to $81, he will be thinking of it as a possible Sell.


Price:
$75.030
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-06-09 PAST TOP PICK Douglas Kee

(A Top Pick July 16/15. Up 1.61%.) Well-managed with a low operating ratio. They are being challenged by lower volumes, but longer-term this is a good place to put your money. For him this is an Add in the low $70 and a Trim in the high $70.


Price:
$76.560
Subject:
CANADIAN DIVIDEND
Bias:
CAUTIOUS
Owned:
Yes
2016-06-08 PAST TOP PICK Mike S. Newton, CIM FCSI

(A Top Pick June 4/15. Up 6.79%.) The whole story for this and Canadian Pacific (CP-T) was the margin expansion and the revenue drivers that were going in the right direction. All of that has gone the other way. All the drivers that have been driving this down, are actually turning it around.


Price:
$77.170
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-06-07 BUY David Driscoll

Has owned this since 1997. Gives you dividend growth roughly in the 20% range per year. The lowest cost rail in North America, because they have both east-west and north south connections, from Winnipeg to Mexico City and coast-to-coast. They also own 25% of the container port in Prince Rupert.


Price:
$77.440
Subject:
GLOBAL
Bias:
UNKNOWN
Owned:
Yes
2016-06-06 BUY Barry Schwartz

Great company.  The rails have been tough recently.  He recently exited CSX rail.  CNR-T is in much better shape.  He would continue to hold it, but you have to be patient.  Start to buy for the long term.


Price:
$77.430
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2016-05-10 PAST TOP PICK Richard Croft

(A Top Pick Aug 18/15. Up 0.53%.) Bought this at $80, and wrote an $80 Call reducing the price to $77.11, that was the net cost. If you had bought this without writing the Call you would be down 2.5%-3%. By doing it this way he is up a little bit and still owns the stock and collected the dividends in the process.


Price:
$77.370
Subject:
OPTION STRATEGIES & E.T.F.S
Bias:
UNKNOWN
Owned:
Yes
2016-05-09 TOP PICK Peter Brieger

If you believe in the North American economy, which he does, rails are a great way to play it. Prefers this over Canadian Pacific (CP-T) although there is nothing wrong with CP. This has been the cream of the crop in terms of performance, which will continue going forward.


Price:
$75.910
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2016-05-04 BUY Greg Newman

(Market Call Minute) These guys are little ahead of the curve.  The rails are just too cheap relative to their 5 year average.


Price:
$75.930
Subject:
CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias:
OPTIMISTIC
Owned:
Unknown
2016-04-28 PAST TOP PICK Bruce Campbell (1)

(A Top Pick May 1/15. Down 0.02%.) Just had a big drop on Tuesday. Has started to rebound, and from now on they will be there. Thinks it will go back into the low $80s.


Price:
$78.680
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-04-26 COMMENT John Stephenson

They cut their outlook, which is unusual in a sense, because going into the quarter it was a fairly low estimate in terms of the bar they had to go over. Numbers were not too bad from a volume perspective. He would have thought it would have been a little more bullish as they are a company that are relying on the consumer and less relying on the bulk, where Canadian Pacific (CP-T) tends to be.


Price:
$78.570
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Unknown
2016-04-18 COMMENT Hap (Robert) Sneddon FCSI

Rails have acted a lot like the resource sector. It is kind of range bound and he would like to see it get above its high of $83-$84. It will go, so long as the resources go, and financials to a certain degree.


Price:
$81.260
Subject:
TECHNICAL ANALYSIS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Unknown
2016-04-14 WATCH Brian Acker, CA

CP-T vs. CNR-T.  CP-T’s model price is $191.20, bang on its market price.  CNR-T is cheaper, model price is $101.80, or a 25% upside.  Buy CNR-T at $72.65.


Price:
$82.370
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2016-04-01 COMMENT Allan Meyer

Has an analyst friend that recommends a Pair trade going Long on this and Shorting Canadian Pacific (CP-T), and he is going to defer to him that this rail looks good.


Price:
$81.120
Subject:
CANADIAN & ETF's
Bias:
UNKNOWN
Owned:
Unknown
2016-03-28 COMMENT Barry Schwartz

Has been one of the greatest Canadian success stories on dividend growth. Also, has terrific free cash flow every year. They continue to have record profits. Prefers CSX Corp (CSX-Q) because of possible consolidations in the US railroads.


Price:
$80.320
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-03-22 TOP PICK Norman Levine

It is his favourite railway in North America.  It is the best run and most profitable.  It has less resource exposure than other railways.  They have a great north/south presence and they solved their ‘Chicago’ problem.  The dividend is not high, but it grows regularly.


Price:
$79.560
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-03-04 COMMENT David Cockfield

Seems to run into resistance around the $79-$80 level. It is now back challenging that level again, and at the same time the US economy is perking along. There seems to be lots of business for the railroads. He would like to see it break out, and if it does, it could be $85-$90 or higher.


Price:
$78.820
Subject:
CANADIAN & ETF's
Bias:
UNKNOWN
Owned:
Yes
2016-02-23 COMMENT James Telfser

Canadian Pacific (CP-T) or Canadian National (CNR-T) and oil? All of the excitement on Canadian Pacific was crude by rail which was where a lot of their growth came from. Multiples got hit pretty hard when oil came off, and they had to back away from that part of their growth. This one was hit as well. Both benefit from being widely diversified and both have great operating ratios. If oil turned around, he would expect that both would participate, but CP a little more so.


Price:
$78.520
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2016-02-22 BUY on WEAKNESS Peter Brieger

Likes this rail, but hasn’t bought more. It recently had a rise. If it pulled back to $71-$75, he would be a buyer, but preferably closer to $71. This is the best of the pack. If you believe in the US recovery, which he does, this rail is ideally placed.


Price:
$78.810
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2016-02-19 COMMENT Elliot Fishman

Canadian National (CNR-T) or Canadian Pacific (CP-T)? Very similar, but CP has had the better of the run of the 2 and has come back down. However, right now this one looks like the one he would rather have. Seems to be less volatile and a little more of a straight run. A little bit more of a “steady Eddie” going up, and is now sort of plateauing, ready to make the next move up.


Price:
$78.480
Subject:
TECHNICAL ANALYSIS
Bias:
UNKNOWN
Owned:
Unknown
2016-02-12 TOP PICK Jason Mann

(Canada is cheap from a cyclical basis, so his 3 Top Picks are ones that fit that theme and are cheap with good price momentum.) Transports led the market down, however at this point they are starting to lead. He is seeing a divergence between transports and the broad market. This is best in class. Great set of assets. Valuation has always been strong. Scores in the top 20% for low volatility. This is one to hold for the long-term, and will benefit from a cyclical recovery. Dividend yield of 1.96%.


Price:
$76.540
Subject:
NORTH AMERICAN
Bias:
CAUTIOUS
Owned:
Yes
2016-02-01 TOP PICK Hank Cunningham

2.8% bond maturing Sept 22/25 at $102. He is all for quality these days and this is a solid single A credit that has zero problems on the credit side. There are very few of these kinds of bonds in Canada.


Price:
$74.450
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2016-01-27 BUY Don Lato

It is starting to get a little more attractive down here.  This one has held up a little better than CP-T because of less exposure to commodities.  We are closer to the end of the down cycle in commodities and you have to buy the rails in advance.  You might be early getting in now, but 2 to 3 years from now you will be happy.


Price:
$71.740
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
Unknown
2016-01-19 DON'T BUY David Burrows

Falling demand in Asia has led to weak commodity prices and weak demand for commodities. Because of this, rails in general have been difficult. Transport as a whole is behaving very poorly. He wouldn’t try to pick a bottom, but would rather wait to see something turn for the better. A great company and is really well run.


Price:
$71.700
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2016-01-18 WAIT John Wilson

The rails have had a difficult last 12 months.  There was a decline in shipments from the agricultural sector.  Crude by rail is declining and the fracking sand shipments are declining also.  Coal is a big component, too.  Intermodal traffic is also weak.  He thinks it is early to be in the rails.


Price:
$73.200
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2016-01-13 COMMENT Zachary Curry

Oil prices will have an effect on all of the rails, based on their shipping oil. Production is going to slow down and we haven’t seen the bottom of that yet. The ability to increase prices has been a big driver of their earnings and revenues over recent years. With the economy slowing down, this is going to occur less and less. This will be a tough stock to keep owning.


Price:
$72.900
Subject:
NORTH AMERICAN - LARGE
Bias:
BEARISH
Owned:
Unknown
2016-01-04 BUY Bruce Campbell (1)

Has been hit like all the rails recently.  There will be less energy moved and the economy will be soft this year.  They can extract some earnings growth through lower costs.  He likes it here.


Price:
$76.470
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2015-12-30 TOP PICK Lyle Stein

A great name to own in this kind of environment when returns look dicey. North American rails have become a little more popular as a result of what Canadian Pacific (CP-T) is doing with Norfolk Southern. This is the best operating company in North America. Their operating ratio is low. Great allocators of capital. Dividend yield of 1.6%.


Price:
$78.370
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-12-22 HOLD Elliot Fishman

Good name. Technically the charts don’t show that you are going to get a whole lot of chances to get it a lot cheaper. Volumes have been steady. It seems to get stuck at around $90. Thinks it is going to stay in the kind of channel it has been in for a while.


Price:
$78.970
Subject:
TECHNICAL ANALYSIS
Bias:
OPTIMISTIC
Owned:
Unknown
2015-12-15 COMMENT Brooke Thackray

From a seasonal perspective, transportation really comes into play in March and April. This is a good company and there is a lot going on in the rail sector right now. The rails got ahead of themselves back in 2014 on their average overall P/E ratio. The chart shows it is forming a little descending triangle. If it breaks below that, that would be negative. If there is an uptick, it would be good to step into this one, perhaps before it seasonal period.


Price:
$74.850
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
UNKNOWN
Owned:
Unknown
2015-12-14 BUY Peter Brieger

He likes this company, mainly because he likes the growth in North America. The growth will benefit the rails in general, but specifically this one.


Price:
$74.080
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2015-12-10 DON'T BUY Bruce Tatters

One of the better operators in North America.  It is not super cheap.  They have less commodity exposure than CP-T.  They are not cheap enough right now to buy.  He would prefer CP-T in that case.  He does not see growth in earnings this year.


Price:
$73.500
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2015-12-10 COMMENT Richard Croft

If you don’t think oil is going to be surging higher, this is a really great place to be. If you are looking at this based on what is going on in the market right now, which will probably last anywhere from 3 to 6 months, he would consider buying a Call Option. It gives you leverage and exposure to a very good railway company, and there is a lot of interest in this space right now. He would do a $74 Strike 6 months out.


Price:
$73.500
Subject:
OPTION STRATEGIES & E.T.F.S
Bias:
UNKNOWN
Owned:
Unknown
2015-12-09 PAST TOP PICK Mike S. Newton, CIM FCSI

(A Top Pick Dec 16/14. Down 2.07%.) Sold his holdings in September. A name that somewhere into the end of the year will very likely come back into his portfolio because of its growth profile and the yield.


Price:
$73.770
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
BULLISH on US$
Owned:
No
2015-12-08 COMMENT Jeff Young

Key metrics to focus on comparing it to other railways? Network speed and operating ratios is something you look at in the rails. He sold his holdings and switched into Canadian Pacific (CP-T) where he sees more improvement in operating ratios. (See Top Picks.)


Price:
$72.980
Subject:
CANADIAN DIVIDEND
Bias:
SELECTIVE
Owned:
No
2015-12-03 SELL Stan Wong

Volumes on shipments on rails have come down. Those are headwinds towards the space for some time to come, until commodity prices start creeping back up again. 200 day moving average has been flat since late spring. If you own, consider trading when there is an opportunity when it comes off.


Price:
$76.740
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
CAUTIOUS
Owned:
No
2015-11-30 WAIT Don Vialoux

Moves from the middle of October to April of each year.  We are in a trading range right now.  The trend is flat, close to its 20 day moving average.  Don’t buy right now.  Wait until it moves beyond the trading range.  Prefers IYT-T.


Price:
$79.710
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
BULLISH
Owned:
Unknown
2015-11-27 COMMENT Norman Levine

The only rail that he owns. He likes it because it was and continues to be the best run railway in North America. It is the most profitable. Has substantial operations in the US, so as the US economy starts to pick up, it will benefit. Doesn’t have the same commodity exposure as a lot of the others.


Price:
$79.670
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2015-11-17 HOLD Don Vialoux

On a seasonal basis this does very well from October right through until about April of each year. Technically, the stock is in a trading range, and what you want is to be in the stock for a breakout above around $79. That would indicate a continuation of the trend.


Price:
$76.990
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
OPTIMISTIC
Owned:
Unknown
2015-10-28 PAST TOP PICK Mike S. Newton, CIM FCSI

(A Top Pick Dec 16/14. Up 8.12%.) Got a little bit worried about this in September. One of those names that you want to continue to own. Fairly valued at this point, so wait until it gets back down to around $70.


Price:
$81.790
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2015-10-26 COMMENT Peter Brieger

He loves this rail. This has fairly restrained projected growth for 2016 at 4.1%. Trading at 17.4X earnings. Statistically you should be looking at the US rails rather than this, but this one is a great long-term story.


Price:
$81.810
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2015-10-05 DON'T BUY John O'Connell, CFA

They are having their problems.  It is a macro call.  They had a correction which they should have had.  Rail car shippings are down.  Oil shipments are down.  They have to invest more in their rolling stock due to regulatory measures.  They trade at lofty valuations.  He is staying away from the whole group.


Price:
$77.260
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
OPTIMISTIC
Owned:
No
2015-10-02 BUY Greg Newman

He just upgraded both rails.  Volume has been lower and it is in the stocks, but the CAD$ tailwind and firmer prices are not in the stock price. He likes both.  CP-T probably has a better growth rate, but he likes, holds and has added to both very recently.


Price:
$76.470
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
Yes
2015-09-25 BUY Nick Majendie

He added to his holdings in the last couple of months at about the current level. His target is $85 over the next year. They are gradually increasing the dividend payout ratios, so over the next couple of years you’ll see at least a 15% increase in the dividend.


Price:
$74.370
Subject:
CANADIAN LARGE
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2015-09-22 BUY on WEAKNESS Bruce Tatters

This and Canadian Pacific (CP-T) are 2 of Canada’s best companies. Rails were trading too expensively a few months ago, in the 20s multiples. Right now they are around 18-19 times, so a slight premium to the market. Look for them to get 15% lower before buying.


Price:
$74.670
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2015-09-21 TOP PICK Jeff Young

He got out on valuation and then it pulled back so he got back in.  The US economy continues to be strong.  Interest rates clearly are not going up quickly.  It is a strong franchise.  He is expecting it to chug along.


Price:
$76.710
Subject:
CANADIAN DIVIDEND
Bias:
SELECTIVE
Owned:
Yes
2015-09-14 HOLD Teal Linde

The whole rail sector is coming off.  This is the most diversified of the group. 


Price:
$73.070
Subject:
NORTH AMERICAN
Bias:
BULLISH on US MARKET
Owned:
Unknown
2015-09-03 DON'T BUY Colin Stewart

The rails have had a really good run over the last several years on the back of the North American economy being strong, but also transporting more oil, more coal and more grains. If people are worried about the commodity sector and transporting some of the key commodities, that could impact the rails.


Price:
$72.000
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2015-09-03 COMMENT Barry Schwartz

There is an opportunity here. The stock has really pulled back. It has been hurt by the slowdown in the Canadian economy, and demand for commodities has really hampered the business. For a long-term investor, there is upside. Businesses are cyclical. Has a low operating ratio. Always generates a lot of free cash flow.


Price:
$72.000
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
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