[The Street] Norfolk Southern Corp (NYSE:NSC)(TREND ANALYSIS) Shares of Norfolk Southern (NSC) are setting up for a pullback. The railroad company fell for the fourth straight session yesterday with the help of a downgrade from Avondale. The negative news drove NSC below a key trendline as the drop from last week’s high reached 5%.
With selling pressure picking up this week, more downside may be ahead.
Since the Brexit vote low, Norfolk Southern has been moving steadily higher in an orderly stair-step pattern. Along the way, the stock’s 50-day moving average has provided solid support.
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Norfolk Southern Corp (NYSE:NSC) stock is currently trading 3.98% below its 52-week-high, 46.98% above its 52-week-low. The 1-year stock price history is in the range of $64.51 – $98.75. Norfolk Southern Corp (NSC) has a price to earnings ratio of 17.76 versus Services sector average of 20.03. NSC stock price has outperformed the S&P 500 by 8.5%. The Transport & Rail company is currently valued at $27.83 billion, and its share price closed the last trading session at $94.82. The stock has a 50-day moving average of $93.94 and a 200-day moving average of $88.37.
Norfolk Southern Corp (NSC) current short interest stands at 2.9 million shares. It has increased by 5% from the same period of last month. Around 1% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.83 million shares, the number of days required to cover the short positions stand at 1.6 days.
NSC is forecasted to report earnings per share of $1.45 and a revenue of $2.52 billion for the 3rd Quarter of the fiscal year 2016. Norfolk Southern Corp (NSC) expects to post results on October 26. The Transport & Rail company announced last quarter earnings per share of $1.36 against a consensus Street estimate of $1.35, beating the average estimate by $0.01. The company posted a revenue of $2.45 billion compared to an estimation of $2.48 billion.
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There are currently twenty-eight analysts that cover Norfolk Southern Corp stock. Of those twenty-eight, nine have a Buy rating, seventeen have a Hold rating and two have a Sell rating. On a consensus basis this yields to a Hold rating. The consensus target price stands at $96.96.
A recent analyst activity consisted of Atlantic Equities who initiated their coverage on the stock with Neutral rating on August 11. Atlantic Equities fixed their price target at $104. This corresponds to a 9.68% upside from the last closing price. On the date of report, the stock closed at $89.48.
Oppenheimer initiated their coverage on the stock with Market Perform rating on June 16. On the date of report, the stock closed at $83.63.
Another research firm was Morgan Stanley who resumed their coverage on the stock with Underweight rating on June 3. On the date of report, the stock closed at $82.55.
Norfolk Southern Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports