Canadian National (CNI) to Expand Rail Network in Manitoba
Canadian National Railway Company CNI recently announced an investment plan for 2019 worth $370 million to expand and fortify its rail network across the province of Manitoba.
This investment will augment its capacity and network resiliency, while catering to the growing traffic throughout the province. To this end, the company will construct a double track near Exira, west of Portage la Prairie, among other things. Apart from network extension, the program will involve maintenance and replacement (of rail) initiatives. In another expansion initiative, last week, the company announced plans to invest $370 million for network expansion across Alberta. (Read more: Canadian National to Invest $370M in Alberta Rail Network)
The Manitoba capital investment is part of the company’s 2019 capital program valued at $3.9 billion. The program is focused on driving growth across all commodity groups such as consumer goods, grain, agriculture, forest and energy products, to name a few.
Similar to the company’s 2018 capital program, which was valued at C$3.5 billion, capital investments for the current year are anticipated to drive growth.
Canadian National Railway Company Price
Canadian National Railway Company Price | Canadian National Railway Company Quote
Zacks Rank & Key Picks
Canadian National carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Norfolk Southern Corporation NSC, GATX Corporation GATX and Azul AZUL. While Norfolk Southern and GATX carry a Zacks Rank #2 (Buy), Azul sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Norfolk Southern, GATX and Azul have gained more than 21%, 6% and 2%, respectively, on a year-to-date basis.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
See Latest Stocks Today >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
GATX Corporation (GATX) : Free Stock Analysis Report
Canadian National Railway Company (CNI) : Free Stock Analysis Report
Norfolk Southern Corporation (NSC) : Free Stock Analysis Report
AZUL SA (AZUL) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research