$21.64 Million in Sales Expected for CorEnergy Infrastructure Trust, Inc. (CORR) This Quarter
Equities analysts forecast that CorEnergy Infrastructure Trust, Inc. (NYSE:CORR) will report sales of $21.64 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for CorEnergy Infrastructure Trust’s earnings. The lowest sales estimate is $21.06 million and the highest is $22.21 million. CorEnergy Infrastructure Trust reported sales of $22.12 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 2.2%. The firm is expected to report its next quarterly earnings results on Wednesday, November 1st.
On average, analysts expect that CorEnergy Infrastructure Trust will report full-year sales of $21.64 million for the current fiscal year, with estimates ranging from $84.11 million to $89.02 million. For the next financial year, analysts anticipate that the company will post sales of $87.21 million per share, with estimates ranging from $83.98 million to $89.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for CorEnergy Infrastructure Trust.
Several research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of CorEnergy Infrastructure Trust from a “hold” rating to a “sell” rating in a report on Tuesday, May 16th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $37.00 target price (up from $30.00) on shares of CorEnergy Infrastructure Trust in a research report on Wednesday, May 17th. Bank of America Corporation lowered shares of CorEnergy Infrastructure Trust from a “neutral” rating to an “underperform” rating and set a $35.00 price target on the stock. in a research report on Monday, June 26th. ValuEngine lowered shares of CorEnergy Infrastructure Trust from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 27th. Finally, BidaskClub upgraded shares of CorEnergy Infrastructure Trust from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. CorEnergy Infrastructure Trust currently has an average rating of “Hold” and an average target price of $35.60.
CorEnergy Infrastructure Trust (NYSE:CORR) opened at 33.13 on Monday. The stock has a market capitalization of $394.31 million, a PE ratio of 13.70 and a beta of 2.07. CorEnergy Infrastructure Trust has a 52-week low of $23.21 and a 52-week high of $37.25. The firm has a 50-day moving average of $34.05 and a 200-day moving average of $34.51.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Thursday, August 17th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 9.06%. The ex-dividend date of this dividend was Tuesday, August 15th. CorEnergy Infrastructure Trust’s payout ratio is 124.48%.
In other news, CEO David J. Schulte purchased 1,000 shares of the business’s stock in a transaction on Monday, June 26th. The stock was purchased at an average price of $32.89 per share, for a total transaction of $32,890.00. Following the completion of the purchase, the chief executive officer now directly owns 21,010 shares in the company, valued at approximately $691,018.90. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.99% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. increased its position in CorEnergy Infrastructure Trust by 46.5% during the first quarter. Ameriprise Financial Inc. now owns 157,474 shares of the asset manager’s stock worth $5,320,000 after acquiring an additional 49,994 shares during the period. Eagle Global Advisors LLC increased its position in CorEnergy Infrastructure Trust by 6.5% during the first quarter. Eagle Global Advisors LLC now owns 16,590 shares of the asset manager’s stock worth $560,000 after acquiring an additional 1,010 shares during the period. Tiedemann Wealth Management LLC bought a new position in CorEnergy Infrastructure Trust during the first quarter worth about $236,000. Oxford Asset Management bought a new position in CorEnergy Infrastructure Trust during the first quarter worth about $577,000. Finally, Martingale Asset Management L P increased its position in CorEnergy Infrastructure Trust by 131.3% during the first quarter. Martingale Asset Management L P now owns 103,425 shares of the asset manager’s stock worth $3,494,000 after acquiring an additional 58,705 shares during the period. 64.23% of the stock is currently owned by institutional investors.
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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