Topic: How To Invest

Dividend Advisor Hotline – Friday, November 3, 2023

Article Excerpt

CANADIAN NATIONAL RAILWAY CO., $151.77, Toronto symbol CNR, remains a buy. CN’s 32,200-kilometre network stretches across the country. It also travels down through the U.S. Midwest, connecting Canada to the Gulf of Mexico. With the March 2023 payment, CN raised your quarterly dividend by 7.8%. Investors now receive $0.79 a share instead of $0.7325. The new annual rate of $3.16 yields 2.1%. Due to the B.C. port strike and lower volumes of consumer goods, crude oil and forest products, CN’s revenue in the third quarter of 2023 fell 11.7%, to $3.99 billion from $4.51 billion a year earlier. That also missed the consensus forecast of $4.04 billion. As well, earnings before one-time items declined 23.8%, to $1.11 billion from $1.46 billion. The company spent $1.20 billion on share buybacks in the quarter, so earnings per share fell at a slower rate of 20.7%, to $1.69 from $2.03. That too missed the consensus estimate of $1.71 a share. CN’s operating ratio in the quarter worsened to 62.0%…