5 Best Freight Stocks to Buy Now

1. Union Pacific Corporation (NYSE:UNP)

Number of Hedge Fund Holders: 65

Omaha, Nebraska-based Union Pacific Corporation (NYSE:UNP) is a leading American transportation company operating over 32,000 route miles of railway network covering 23 states across the western two-thirds of the United States.

On October 20, Union Pacific Corporation (NYSE:UNP) released the financial results for Q3 2022. Its total operating revenues increased by 18% y-o-y to $6.6 billion, while net income increased by 13% y-o-y to $1.9 billion. The company reported a normalized EPS of $3.05 for the quarter and narrowly missed the analyst consensus by $0.01.

On October 21, Argus analyst John Eade revised the price target on Union Pacific Corporation (NYSE:UNP) shares to $225 maintained a ‘Buy’ rating on the shares. The analyst holds a bullish sentiment for the railroad operator based on the company’s history of share buybacks and regular dividends. The analyst believes that the recent underperformance by the stock compared to the market offers a buying opportunity.

As of Q2 2022, Union Pacific Corporation (NYSE:UNP) is the most sought-after freight stock among the 895 hedge funds tracked by Insider Monkey as 65 of these hedge funds held shares in the railway company, valued at $6.4 billion. Ken Fisher’s Fisher Asset Management was its largest hedge fund shareholder with ownership of 5.3 million shares valued at $1.1 billion.

You may also like to read 10 Stocks That Will Own the Metaverse and 11 Best Micro-Cap Stocks To Invest In

Follow Insider Monkey on Twitter