$CNR.TO

CN Rail Price Target Raised to $182 at CIBC

CIBC Capital Markets raised its price target on Canadian National Railway Co. (CNR.TO) to $182 from $164.Analyst Kevin Chiang maintained an Outperformer rating on shares of the Canadian Class I railway following CIBC's Spring Industrial Tour and visit to CN's facilities in Winnipeg, Manitoba, which included several members of the senior management team."Our key takeaways from the tour were: 1) Winnipeg is strategically important to CN's growth strategy as it is strategically located with the capacity to absorb increased volumes; 2) CN operates a large maintenance and mechanical repair footprint in Winnipeg at the historical Transcona Yard which acts as a source of cost savings and increased operational reliability; and 3) we had a firsthand experience on how CN continues to advance its safety culture," Chiang said in a note to clients.

Update: BHP Signs Rail Transportation Agreements With Canadian National Railway and Canadian Pacific Kansas City

(Updates With BHP Canada news and share movement of CNR)BHP Canada, unit of BHP, signed transportation agreements with Canadian National Railway (CNR.TO, CNI) and Canadian Pacific Kansas City (CP.TO, CP), to support the movement of potash from Jansen to Westshore Terminals in Vancouver, where it will be exported to global markets, it said on Thursday.Under the agreements, both the rail carriers will operate unit trains between Jansen and Westshore Terminals. The initial term of the contracts is about four years, supporting Jansen Stage 1 production, with future arrangements to be aligned with the next phase of the project, it said.This comes after Canadian National Railway said its propane export shipments from South Beamer, Alberta to Watson Island, British Columbia reached an "all-time monthly record for the corridor in May, while staying within the existing commercial arrangements."Canadian National Railway noted this represents an increase in carloads of 40% compared to May 2025 and beats its previous monthly record from August 2024. The record was supported by train length optimizations, enhanced network efficiency, and strong execution across the corridor, enabling greater volumes of product to move reliably to the West Coast, CN added.Shares of Canadian National Railway and Canadian Pacific Kansas City were last seen up 0.4% at $166.65, and up near 0.3% at $124.20, respectively, on the Toronto Stock Exchange.Price: $166.70, Change: $+0.73, Percent Change: +0.44%

Canadian National Railway Up 1% Says Reached Monthly Record for Propane Shipments to Watson Island

Canadian National Railway Company's (CNR.TO, CNI) propane export shipments from South Beamer, Alberta to Watson Island, British Columbia reached an "all-time monthly record for the corridor in May, while staying within the existing commercial arrangements," it said on Thursday.The company noted this represents an increase in carloads of 40% compared to May 2025 and beats its previous monthly record from August 2024. The record was supported by train length optimizations, enhanced network efficiency, and strong execution across the corridor, enabling greater volumes of product to move reliably to the West Coast, it added.Shares of the company were last seen up 1.1% at $167.80 on the Toronto Stock Exchange.Price: $167.70, Change: $+1.73, Percent Change: +1.04%

BHP Announcing Rail Transportation Agreements with CN and CPKC to Bring Jansen Potash to Global Customers

BHP Announcing Rail Transportation Agreements with CN and CPKC to Bring Jansen Potash to Global Customers

CN Rail Reporting New Monthly Record for Propane Shipments to Watson Island

CN Rail Reporting May Grain Movement; Shares Jump To a Fresh 52-Week High

Canadian National Railway (CNR.TO, CNI) in May moved over 2.96 million tonnes (MMT) of grain from Western Canada, surpassing the previous monthly record of 2.54 MMT set in May 2025 and establishing another new monthly record for grain movement, the company said Monday, as its shares rose to a 52-week high."The achievement continues a strong crop year performance trend for CN, driven by sustained export demand, ample grain supply and efficient operations across its network. CN continues to move high volumes through its Canadian export corridors. The company's strong network performance has enabled it to meet customer demand while maintaining fluidity across the supply chain," it added.As the growing season gets underway across Western Canada, CN remains focused on delivering "consistent and reliable" service to support producers, grain companies and supply chain partners, the rail company said. Through ongoing collaboration with customers and partners, CN is positioning its network to support current shipping needs and maintain strong performance into this next crop year, it added.CNR shares were at last look up $2.71 to $165.96 on the Toronto Stock Exchange, surpassing the previous 52-week high of $165.45.Price: $166.00, Change: $+2.75, Percent Change: +1.68%

CN Rail Reporting May Grain Movement

CN Rail Reporting May Grain Movement

UBS on STB Putting Union Pacific-Norfolk Southern Revised Application on Hold

The Surface Transportation Board (STB) this week accepted the Union Pacific-Norfolk Southern revised merger application, but put the review process on hold until July 27 pending further information, UBS notes.The STB identified nine areas where they require supplemental information. UBS believes the area of enhanced competition tops the list as it has received the most pushback from other railroads and constituencies like shipper groups.The board noted the UP-NS Competitive Gateway Pricing (CGP) was the sole competitive enhancement within the merger proposal and requested information about the exclusions to the use of CGP, including the potential consumer surplus that would be generated if the exclusions were not in place and also the logic for putting these exclusions in place. "The decision points to potential STB interest in removing exclusions / broadening the application of CGP and also potentially making the program permanent (vs the proposed 5 yr period)," UBS writes.UBS expect other Class I railroads to show the greatest resistance to the merger while other constituencies (shippers, unions) are also factors in the process.Price: $164.28, Change: $+0.46, Percent Change: +0.28%

CN Rail Comments on STB Decision to Require More Information on UP-NS Merger

Canadian National Railway Company (CNR.TO) overnight Thursday said the Surface Transportation Board (STB) was correct to freeze the review of the proposed Union Pacific (UP) and Norfolk Southern (NS) merger.The STB did accept the two companies' revised application dated April 30, 2026, but noted in its May 28 decision that there are "several aspects of the Revised Application that are unclear or underdeveloped and require supplementation."The STB has instructed that Union Pacific and Norfolk Southern submit a supplemental filing by July 27."The amended application for the proposed merger would reduce competitive rail options for shippers, increase concentration across key freight corridors, and create significant downstream risks for the supply chains," CN said in a statement.CN Rail shares were last seen up US$0.95, to US$119.76 in New York trading.

CN Rail Said Overnight STB Was Right to Freeze the UP-NS Merger and Demand More Information

RBC's Key Rail Takeaways From Industrials Conference

Last week's RBC Canadian Industrials Conference reinforced a broadly constructive backdrop for the rails, with pricing trending ahead of inflation and improving network fluidity across CN Rail (CNR.TO), CPKC (CP.TO), report RBC Capital Markets analysts Walter Spracklin and James MacGarragle.Key takeaways:On CN, the Western Canada infrastructure buildout (Edson Subdivision, Zanardi Rapids Bridge, Glen Valley to Abrahamson) sets the stage for meaningful operating leverage as volumes recover.For CPKC, the analysts believe KCS synergies are on track to be fully realized by year-end, two years ahead of schedule, though the bigger story remains the Mexico opportunity which is still in the "first inning".Price: $159.76, Change: $+0.01, Percent Change: +0.01%

Keyera to Advance ACE Rail Terminal Project in Partnership With CN Rail, AltaGas

Keyera (KEY.TO) will invest an initial $240 million, including an additional $100 million on top of its 2026 growth capital guidance, to build the Alberta Corridor Export (ACE) rail terminal project, the company said on Wednesday.The rail hub is expected to be able to transport about 45,000 barrels per day of propane and butane from the Fort Saskatchewan region to West Coast export facilities. It is forecast to have an in-service date of mid-2028, to align with Keyera's KFS Fractionation III project being completed.ACE rail terminal will be designed to boost loading efficiency, reduce handling requirements and lower transportation costs compared with traditional rail solutions, a statement said. It will be developed in partnership with CN (CNR.TO) and AltaGas (ALA.TO), combining CN's rail network and AltaGas' West Coast export platform, and will be anchored by long-term commercial arrangements with both companies."This project reflects our continued focus on strengthening and extending Keyera's integrated value chain while providing customers with an efficient solution to diversify market access and benefit from growing global LPG demand," said Dean Setoguchi, Keyera chief executive officer.Keyera shares closed up $1.27 to $58.71 on Tuesday on the Toronto Stock Exchange.

Keyera, AltaGas and CN Rail Add Investment Will Expand Access to Global Markets and Support Long-term Economic Growth

Keyera, AltaGas and CN Rail Say Investment in ACE Rail Terminal to Strengthen Canada's Energy Competitiveness

- -Keyera, AltaGas and CN Partnering to Build Strategic Canadian Infrastructure

Graphite One Secures Ohio Site and Accelerates Towards EV and Energy Storage Battery Material Production with Advances in Offtake Pipeline

Graphite One (GPH.V) secured a site for its Active Anode Materials (AAM) facility in Ohio through a license of occupation agreement with Bessemer and Lake Erie Railroad Company, a unit of Canadian National Railway (CNR.TO, CNI), it said on Tuesday.The site provides direct access to Lake Erie and the Great Lakes shipping corridor, multi-line rail connectivity through Canadian National Railway, existing power infrastructure, including an on-site substation and the capacity for future expansion and scaling. The agreement allows the company to complete due diligence activities on the site and, subject to Graphite One's satisfactory review, proceed with formalizing a lease agreement, it said.Graphite One has decided to cancel the current lease on the Warren property to focus its efforts on the Conneaut location. The company is also advancing development plans for an Ohio finishing and blending facility.The company has entered into discussions regarding potential binding offtake agreements with select participants involved in the sample evaluation process as well.Shares of Graphite One were last seen up 1.8% at $1.15 on the TSX Venture Exchange.Price: $1.16, Change: $+0.03, Percent Change: +2.65%

Canadian National Railway to Add Five New Sites, Re-Certify Six U..S Locations

Canadian National Railway (CNR.TO, CNI) said Monday it will add five new industrial sites and re-certify six existing U.S. sites under its Certified Rail-Ready Sites program.The sites will be certified through a new partnership with the Site Selectors Guild's REDI Sites program, the company added."Canadian National Railway's Certified Rail-Ready Sites program helps businesses move more quickly from site selection to operations by identifying strategic, rail-served locations that are ready for investment and connected to markets across North America," Chief Commercial Officer Janet Drysdale said.Under the program, sites are reviewed for zoning, environmental factors, utilities, and transportation access to help speed up development and reduce risk for businesses and investors, the company said.The new sites submitted for certification are located in Michigan, Illinois, Mississippi, and Louisiana. The sites being re-certified are located in Kentucky, Mississippi, Illinois, Michigan, and Tennessee, according to the statement.The company's shares were last seen down $1.52 to $151.18 on the Toronto Stock Exchange.Price: $151.17, Change: $-1.54, Percent Change: -1.01%

CN Rail Urges STB to Reject Proposed Union Pacific, Northern Southern Amended Merger Application

Canadian National Rail (CNR.TO), down 1.2% on last look, is urging the Surface Transportation Board (STB) to reject the amended merger application submitted by Union Pacific (UP) and Norfolk Southern (NS) as it "still fails to meet the Board's requirements and thus remains incomplete", the company said on Monday.The STB, which rejected the applicants' first application in January, identified three separate deficiencies. CN Rail notes the amended application still fails to provide thorough competition analyses and consistent market share information. The application also does not accurately identify the points that would "go from two Class I options to one, or from three Class I options to two", CN points out.CN also flagged the insufficiency of the applicants' proposed committed gateway pricing (CGP) program which applies to less than one percent of U.S. rail traffic. CN said many shippers would face increased rail shipping costs due to the CGP program.CN Rail shares were last seen down $1.91, to $150.80, on the Toronto Stock Exchange.Price: $150.86, Change: $-1.85, Percent Change: -1.21%

Correction: -- CN Rail Submits Comments To STB On Completeness Of UP-NS Amended Merger Application

Correction: -- CN Rail Submits Comments To STB On Completeness Of UP-NS Amended Merger Application

CN Rail Announced Overnight Thursday US$750 Million Debt Offering