Canadian Pacific Railway Ltd (CP) is the fourth largest publicly traded railroad company in North America. The company commands 12,500 miles of rail network. CP operates and services mostly in Canada with some extension into Midwest and Northeast US. CP directly competes with Canadian National (CNR.TO, CNI), but does not have the reach of extending down to the Gulf coast as CN does.
Railroads are the pulse of the economy. While crude shipments are on their way to a recovery thanks to the rise in oil prices, coal remains in a secular downtrend. CP has worked hard over the last year or two on M&A activity with both NSC and CSX, but to no avail. Eventually, the activist investors have thrown in the towel, shares sold and capital returned to shareholders via higher dividends after years of cuts and freezes.