Zacks Investment Research upgraded shares of CorEnergy Infrastructure Trust, Inc. (NYSE:CORR) from a sell rating to a hold rating in a research report report published 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 research analysts have also issued research reports about the stock. 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 note on Monday, June 26th. Royal Bank Of Canada restated a sector perform rating and set a $37.00 price target (up previously from $30.00) on shares of CorEnergy Infrastructure Trust in a research note on Wednesday, May 17th. BidaskClub upgraded shares of CorEnergy Infrastructure Trust from a hold rating to a buy rating in a research note on Wednesday, July 19th. Finally, ValuEngine downgraded shares of CorEnergy Infrastructure Trust from a strong-buy rating to a buy rating in a report on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. CorEnergy Infrastructure Trust currently has a consensus rating of Hold and an average target price of $35.60.
CorEnergy Infrastructure Trust (NYSE:CORR) traded down 3.76% during trading on Monday, hitting $34.00. 127,327 shares of the company traded hands. CorEnergy Infrastructure Trust has a one year low of $23.21 and a one year high of $37.25. The firm has a market cap of $404.67 million, a P/E ratio of 14.06 and a beta of 2.06. The firm has a 50 day moving average of $34.72 and a 200 day moving average of $34.93.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 8.82%. The ex-dividend date is Tuesday, August 15th. CorEnergy Infrastructure Trust’s dividend payout ratio is currently 124.48%.
In other news, CEO David J. Schulte acquired 1,000 shares of the firm’s stock in a transaction that occurred on 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 acquisition, the chief executive officer now owns 21,010 shares in the company, valued at $691,018.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.99% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Atwood & Palmer Inc. bought a new stake in shares of CorEnergy Infrastructure Trust during the second quarter worth $101,000. Legal & General Group Plc increased its stake in shares of CorEnergy Infrastructure Trust by 0.9% in the second quarter. Legal & General Group Plc now owns 3,189 shares of the asset manager’s stock worth $108,000 after buying an additional 30 shares during the period. Synovus Financial Corp bought a new stake in shares of CorEnergy Infrastructure Trust during the second quarter worth $205,000. Tiedemann Wealth Management LLC bought a new stake in shares of CorEnergy Infrastructure Trust during the first quarter worth $236,000. Finally, American International Group Inc. increased its stake in shares of CorEnergy Infrastructure Trust by 7.1% in the first quarter. American International Group Inc. now owns 7,361 shares of the asset manager’s stock worth $249,000 after buying an additional 487 shares during the period. 69.89% of the stock is owned by hedge funds and other 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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