5 Best Freight Stocks to Buy Now

In this article, we will take a look at the 5 best freight stocks to buy now. To read our analysis of the recent market trends and activity, you can go to the 10 Best Freight Stocks to Buy Now.

5. Norfolk Southern Corporation (NYSE:NSC)

Number of Hedge Fund Holders: 44

Norfolk Southern Corporation (NYSE:NSC) is one of the leading transportation companies in the United States. It operates nearly 19,300 route miles of railway transportation in 22 states and the District of Columbia, serving major container ports in the eastern part of the country. The company is also a principal carrier of coal, automobiles, and automotive parts in the East.

On October 26, Norfolk Southern Corporation (NYSE:NSC) released its financial results for the third quarter of 2022. Its revenue increased by 17% y-o-y to $3.3 billion, while net income increased by 27% y-o-y to $958 million. It generated an EPS of $4.10 for the quarter, beating the analyst estimates by $0.41. The higher-than-expected EPS mainly resulted from a one-time state tax granted to the company that wasn’t reflected in analyst estimates.

Based on the strong financial performance reflected in the quarterly release, Wells Fargo analyst Allison Poliniack-Cusic raised the price target on Norfolk Southern Corporation (NYSE:NSC) shares to $260 from $250 and maintained an ‘Overweight’ rating on the shares.

As of Q2 2022, Norfolk Southern Corporation (NYSE:NSC) shares were held by 44 out of 895 hedge funds tracked by Insider Monkey with a total value of $1.3 billion. Its largest shareholder was Two Sigma Advisors with ownership of 0.84 million shares valued at $190 million.