CSX (NASDAQ:CSX) Raised to Overweight at Wells Fargo & Company

Key Points

• CSX was upgraded from "equal weight" to "overweight" by Wells Fargo & Company, with a new price target of $40.00, indicating an upside potential of 18.27% from its current price.
• Multiple analysts, including Barclays and JPMorgan Chase & Co., have also raised their price targets for CSX, reflecting strong confidence in the stock's performance.
• CSX reported earnings of $0.44 EPS for the last quarter, beating projections of $0.42, although revenue decreased 3.5% year-over-year.

CSX (NASDAQ:CSX - Get Free Report) was upgraded by Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research note issued on Thursday,Benzinga reports. The brokerage presently has a $40.00 price target on the transportation company's stock, up from their prior price target of $37.00. Wells Fargo & Company's target price points to a potential upside of 18.27% from the stock's current price.

CSX has been the subject of several other research reports. Barclays boosted their price target on CSX from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Benchmark boosted their price target on CSX from $37.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Citigroup upped their price objective on CSX from $36.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. upped their price objective on CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $35.00 price objective on shares of CSX in a research note on Monday, June 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $37.45.

CSX Stock Down 0.7%

CSX stock opened at $33.82 on Thursday. The stock has a fifty day moving average of $34.20 and a 200 day moving average of $31.73. CSX has a one year low of $26.22 and a one year high of $37.25. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.63 and a current ratio of 0.77. The stock has a market cap of $63.05 billion, a PE ratio of 20.88, a price-to-earnings-growth ratio of 2.54 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. CSX had a return on equity of 25.48% and a net margin of 21.92%.The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the company posted $0.49 earnings per share. CSX's revenue for the quarter was down 3.5% on a year-over-year basis. As a group, sell-side analysts predict that CSX will post 1.83 EPS for the current year.

Hedge Funds Weigh In On CSX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC purchased a new stake in CSX during the second quarter valued at approximately $25,000. Rossby Financial LCC purchased a new stake in CSX during the first quarter valued at approximately $28,000. WFA of San Diego LLC purchased a new stake in CSX during the second quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in CSX during the first quarter valued at approximately $30,000. Finally, Kessler Investment Group LLC purchased a new stake in CSX during the first quarter valued at approximately $32,000. 73.57% of the stock is owned by institutional investors.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.

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