Zacks Investment Research upgraded shares of CorEnergy Infrastructure Trust, Inc. (NYSE:CORR) from a sell rating to a hold rating in a research note issued to investors on Monday, July 24th.
According to Zacks, “CorEnergy Infrastructure Trust, Inc. seeks to invest primarily in the U.S. energy infrastructure sector. It seeks to acquire midstream and downstream U.S. energy infrastructure assets and concurrently enter into long-term triple net leases with energy companies. These assets may include pipelines, storage tanks, transmission lines and gathering systems, among others. CorEnergy Infrastructure Trust, Inc., formerly known as Tortoise Capital Resources Corporation, is based in United States. “
Several other brokerages have also recently commented on CORR. Royal Bank Of Canada reaffirmed a sector perform rating and issued a $37.00 target price (up previously from $30.00) on shares of CorEnergy Infrastructure Trust in a research report on Wednesday, May 17th. ValuEngine cut CorEnergy Infrastructure Trust from a strong-buy rating to a buy rating in a research report on Tuesday, June 27th. BidaskClub raised CorEnergy Infrastructure Trust from a hold rating to a buy rating in a research report on Wednesday, July 19th. Finally, Bank of America Corporation lowered CorEnergy Infrastructure Trust from a neutral rating to an underperform rating and set a $35.00 price objective for the company. in a report on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $35.60.
Shares of CorEnergy Infrastructure Trust (NYSE:CORR) opened at 32.30 on Monday. The stock has a market cap of $384.43 million, a price-to-earnings ratio of 13.35 and a beta of 2.06. CorEnergy Infrastructure Trust has a 12 month low of $23.21 and a 12 month high of $37.25. The company has a 50-day moving average price of $34.68 and a 200-day moving average price of $34.83.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be issued a dividend of $0.75 per share. The ex-dividend date is Tuesday, August 15th. This represents a $3.00 annualized dividend and a dividend yield of 9.29%. CorEnergy Infrastructure Trust’s dividend payout ratio is 124.48%.
In other news, CEO David J. Schulte acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The stock was acquired at an average cost of $32.89 per share, for a total transaction of $32,890.00. Following the completion of the acquisition, the chief executive officer now owns 21,010 shares in the company, valued at $691,018.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.99% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. raised its position in CorEnergy Infrastructure Trust by 30.0% in the first quarter. Prudential Financial Inc. now owns 197,533 shares of the asset manager’s stock worth $6,673,000 after buying an additional 45,620 shares during the last quarter. Martingale Asset Management L P raised its position in CorEnergy Infrastructure Trust by 131.3% in the first quarter. Martingale Asset Management L P now owns 103,425 shares of the asset manager’s stock worth $3,494,000 after buying an additional 58,705 shares during the last quarter. Oxford Asset Management acquired a new position in CorEnergy Infrastructure Trust during the first quarter worth approximately $577,000. Tiedemann Wealth Management LLC acquired a new position in CorEnergy Infrastructure Trust during the first quarter worth approximately $236,000. Finally, Eagle Global Advisors LLC raised its position in CorEnergy Infrastructure Trust by 6.5% in the first quarter. Eagle Global Advisors LLC now owns 16,590 shares of the asset manager’s stock worth $560,000 after buying an additional 1,010 shares during the last quarter. Institutional investors and hedge funds own 68.73% of the company’s stock.
CorEnergy Infrastructure Trust Company Profile
CorEnergy Infrastructure Trust, Inc (CorEnergy) is focused on acquiring and financing midstream and downstream real estate assets within the United States energy infrastructure sector and concurrently entering into long-term triple-net participating leases with energy companies. The Company also provides other types of capital, including loans secured by energy infrastructure assets.
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