CP sets a grain record

Article Excerpt

CANADIAN PACIFIC RAILWAY $363.51, is a buy. The company (Toronto symbol CP; shares outstanding: 135.6 million; Market cap: $49.3 billion; Rating: Above Average; Dividend yield: 1.0%) operates a 22,000-kilometre rail network between Montreal and Vancouver. CP shipped a record 8.41 million tonnes of Canadian grain in the quarter ended June 30, 2020. That beat its previous record of 7.9 million tonnes in the fourth quarter of 2019. To help handle those rising volumes, CP is buying 5,900 new “hopper” railcars between 2019 and 2022. Those cars carry up to 15% more grain than the older models. The railway now has 2,700 of those hopper cars in service. It’s also investing in its facilities to speed up the loading and unloading of grain. CP Rail is a buy. buy. …