Zacks Investment Research lowered shares of Corenergy Infrastructure Trust Inc (NYSE:CORR) from a buy rating to a hold rating in a report released on Monday, May 8th.
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. “
Separately, Stifel Nicolaus cut Corenergy Infrastructure Trust from a buy rating to a hold rating and cut their price objective for the company from $37.00 to $34.00 in a report on Monday, March 6th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Corenergy Infrastructure Trust presently has an average rating of Hold and a consensus price target of $35.75.
Shares of Corenergy Infrastructure Trust (NYSE:CORR) traded up 0.30% during mid-day trading on Monday, hitting $36.18. 99,202 shares of the company traded hands. The firm has a market cap of $430.32 million, a price-to-earnings ratio of 14.46 and a beta of 1.61. The firm has a 50-day moving average price of $35.31 and a 200 day moving average price of $34.14. Corenergy Infrastructure Trust has a 52-week low of $22.08 and a 52-week high of $37.25.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Tuesday, May 16th will be paid a $0.75 dividend. The ex-dividend date is Friday, May 12th. This represents a $3.00 annualized dividend and a yield of 8.32%. Corenergy Infrastructure Trust’s dividend payout ratio (DPR) is presently 170.45%.
In other news, CEO David J. Schulte purchased 2,236 shares of Corenergy Infrastructure Trust stock in a transaction that occurred on Friday, May 12th. The stock was acquired at an average cost of $33.92 per share, for a total transaction of $75,845.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders purchased a total of 2,836 shares of company stock valued at $95,332 over the last 90 days. 0.97% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CORR. State Street Corp increased 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 worth $10,052,000 after buying an additional 7,770 shares during the last quarter. Guggenheim Capital LLC increased its stake in Corenergy Infrastructure Trust by 39.3% in the fourth quarter. Guggenheim Capital LLC now owns 34,525 shares of the asset manager’s stock worth $1,205,000 after buying an additional 9,746 shares during the last quarter. Systematic Financial Management LP bought a new stake in Corenergy Infrastructure Trust during the fourth quarter worth $3,851,000. Renaissance Technologies LLC increased 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 worth $8,128,000 after buying an additional 132,900 shares during the last quarter. Finally, Allianz Asset Management AG increased its stake in Corenergy Infrastructure Trust by 301.7% in the fourth quarter. Allianz Asset Management AG now owns 30,553 shares of the asset manager’s stock worth $1,065,000 after buying an additional 22,947 shares during the last quarter. Institutional investors and hedge funds own 60.93% of the company’s stock.
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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