$1.07 EPS Expected for CorEnergy Infrastructure Trust, Inc. (CORR) This Quarter
Brokerages forecast that CorEnergy Infrastructure Trust, Inc. (NYSE:CORR) will report earnings of $1.07 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for CorEnergy Infrastructure Trust’s earnings. The highest EPS estimate is $1.11 and the lowest is $1.03. CorEnergy Infrastructure Trust posted earnings per share of $0.68 in the same quarter last year, which suggests a positive year over year growth rate of 57.4%. The business is expected to announce its next earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that CorEnergy Infrastructure Trust will report full year earnings of $4.30 per share for the current financial year, with EPS estimates ranging from $4.22 to $4.38. For the next year, analysts anticipate that the firm will post earnings of $4.26 per share, with EPS estimates ranging from $4.12 to $4.40. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow CorEnergy Infrastructure Trust.
Several equities research analysts have commented on CORR shares. BidaskClub raised shares of CorEnergy Infrastructure Trust from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. ValuEngine raised shares of CorEnergy Infrastructure Trust from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Zacks Investment Research raised shares of CorEnergy Infrastructure Trust from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Bank of America Corporation downgraded shares of CorEnergy Infrastructure Trust from a “neutral” rating to an “underperform” rating and set a $35.00 price objective on the stock. in a report on Monday, June 26th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $37.00 price objective (up from $30.00) on shares of CorEnergy Infrastructure Trust in a report on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $35.60.
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In related news, CEO David J. Schulte bought 1,000 shares of the stock in a transaction that occurred on Monday, June 26th. The shares were acquired at an average cost of $32.89 per share, with a total value of $32,890.00. Following the completion of the purchase, the chief executive officer now directly owns 21,010 shares of the company’s stock, valued at approximately $691,018.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.99% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Phocas Financial Corp. raised its stake in CorEnergy Infrastructure Trust by 4.5% in the second quarter. Phocas Financial Corp. now owns 15,331 shares of the asset manager’s stock valued at $515,000 after purchasing an additional 659 shares in the last quarter. Cetera Investment Advisers purchased a new stake in CorEnergy Infrastructure Trust in the second quarter valued at approximately $280,000. Sterling Capital Management LLC raised its stake in CorEnergy Infrastructure Trust by 8.6% in the second quarter. Sterling Capital Management LLC now owns 27,267 shares of the asset manager’s stock valued at $916,000 after purchasing an additional 2,164 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in CorEnergy Infrastructure Trust by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 9,912 shares of the asset manager’s stock valued at $333,000 after purchasing an additional 524 shares in the last quarter. Finally, State Street Corp raised its stake in CorEnergy Infrastructure Trust by 5.3% in the second quarter. State Street Corp now owns 277,997 shares of the asset manager’s stock valued at $9,339,000 after purchasing an additional 14,110 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of CorEnergy Infrastructure Trust (NYSE CORR) traded up 1.47% during mid-day trading on Friday, reaching $33.13. 65,872 shares of the company’s stock traded hands. The company has a market cap of $394.31 million, a P/E ratio of 13.70 and a beta of 2.07. The firm has a 50-day moving average of $34.05 and a 200 day moving average of $34.51. 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 was paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.06%. The ex-dividend date of this dividend was Tuesday, August 15th. CorEnergy Infrastructure Trust’s payout ratio is 124.48%.
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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