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. “
Other analysts have also recently issued reports about the company. Bank of America Corporation cut CorEnergy Infrastructure Trust from a neutral rating to an underperform rating and set a $35.00 target price on the stock. in a research report on Monday, June 26th. Royal Bank Of Canada reaffirmed a sector perform rating and set a $37.00 price target (up from $30.00) on shares of CorEnergy Infrastructure Trust in a research note on Wednesday, May 17th. BidaskClub raised CorEnergy Infrastructure Trust from a hold rating to a buy rating in a research note on Wednesday, July 19th. Finally, ValuEngine lowered CorEnergy Infrastructure Trust from a strong-buy rating to a buy rating in a research note on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $35.60.
Shares of CorEnergy Infrastructure Trust (NYSE:CORR) opened at 32.30 on Monday. The company has a 50-day moving average price of $34.68 and a 200-day moving average price of $34.83. 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 also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 9.29%. The ex-dividend date is Tuesday, August 15th. CorEnergy Infrastructure Trust’s payout ratio is currently 124.48%.
In related news, CEO David J. Schulte acquired 1,000 shares of CorEnergy Infrastructure Trust stock in a transaction dated Monday, June 26th. The stock was acquired at an average cost of $32.89 per share, with a total value of $32,890.00. Following the purchase, the chief executive officer now directly owns 21,010 shares in the company, valued at approximately $691,018.90. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.99% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new stake in CorEnergy Infrastructure Trust during the fourth quarter valued at $437,000. State Street Corp raised its stake in CorEnergy Infrastructure Trust by 2.8% in the fourth quarter. State Street Corp now owns 288,273 shares of the asset manager’s stock valued at $10,052,000 after buying an additional 7,770 shares in the last quarter. Renaissance Technologies LLC raised its stake in CorEnergy Infrastructure Trust by 132.7% in the fourth quarter. Renaissance Technologies LLC now owns 233,029 shares of the asset manager’s stock valued at $8,128,000 after buying an additional 132,900 shares in the last quarter. Guggenheim Capital LLC boosted its stake in shares of CorEnergy Infrastructure Trust by 39.3% in the fourth quarter. Guggenheim Capital LLC now owns 34,525 shares of the asset manager’s stock valued at $1,205,000 after buying an additional 9,746 shares during the period. Finally, James Investment Research Inc. boosted its stake in shares of CorEnergy Infrastructure Trust by 1.8% in the first quarter. James Investment Research Inc. now owns 84,031 shares of the asset manager’s stock valued at $2,839,000 after buying an additional 1,511 shares during the period. 68.73% of the stock is owned by institutional investors and hedge funds.
About CorEnergy Infrastructure Trust
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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