CorEnergy Infrastructure Trust Inc. (CORR) Earns Buy Rating from Analysts at DA Davidson
Stock analysts at DA Davidson assumed coverage on shares of CorEnergy Infrastructure Trust Inc. (NYSE:CORR) in a research report issued to clients and investors on Thursday. The brokerage set a “buy” rating on the stock.
CORR has been the topic of several other reports. Zacks Investment Research cut CorEnergy Infrastructure Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $30.00 price objective (up from $23.00) on shares of CorEnergy Infrastructure Trust in a research report on Saturday, August 13th. Stifel Nicolaus raised CorEnergy Infrastructure Trust from a “hold” rating to a “buy” rating and increased their price objective for the company from $24.05 to $32.00 in a research report on Wednesday, June 1st. Royal Bank Of Canada increased their price objective on CorEnergy Infrastructure Trust from $23.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, August 12th. Finally, TheStreet raised CorEnergy Infrastructure Trust from a “hold” rating to a “buy” rating in a research report on Wednesday, June 29th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. CorEnergy Infrastructure Trust has an average rating of “Hold” and a consensus target price of $31.25.
Shares of CorEnergy Infrastructure Trust (NYSE:CORR) opened at 28.30 on Thursday. CorEnergy Infrastructure Trust has a 12 month low of $10.90 and a 12 month high of $30.98. The stock’s 50 day moving average price is $29.23 and its 200 day moving average price is $24.94.
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CorEnergy Infrastructure Trust (NYSE:CORR) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.08 by $0.04. CorEnergy Infrastructure Trust had a net margin of 18.43% and a return on equity of 4.25%. The company had revenue of $22.06 million for the quarter, compared to the consensus estimate of $21.73 million. Analysts expect that CorEnergy Infrastructure Trust will post $0.31 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $3.00 annualized dividend and a yield of 10.60%. CorEnergy Infrastructure Trust’s payout ratio is 291.26%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new position in CorEnergy Infrastructure Trust during the second quarter worth $1,618,000. Schwab Charles Investment Management Inc. boosted its position in CorEnergy Infrastructure Trust by 69.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 33,081 shares of the company’s stock worth $955,000 after buying an additional 13,581 shares during the last quarter. Bellwether Investment Group LLC bought a new position in CorEnergy Infrastructure Trust during the second quarter worth $310,000. Metropolitan Life Insurance Co. NY bought a new position in CorEnergy Infrastructure Trust during the second quarter worth $256,000. Finally, First Allied Advisory Services Inc. boosted its position in CorEnergy Infrastructure Trust by 6.3% in the second quarter. First Allied Advisory Services Inc. now owns 14,740 shares of the company’s stock worth $430,000 after buying an additional 871 shares during the last quarter. 58.60% of the stock is currently owned by institutional investors and hedge funds.
About CorEnergy Infrastructure Trust
CorEnergy Infrastructure Trust, Inc 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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