Zacks Investment Research Lowers Corenergy Infrastructure Trust (CORR) to Sell

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Zacks Investment Research downgraded shares of Corenergy Infrastructure Trust (NYSE:CORR) from a hold rating to a sell rating in a research note released on Wednesday morning.

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, DA Davidson decreased their target price on shares of Corenergy Infrastructure Trust from $40.00 to $3.71 and set an average rating on the stock in a research report on Thursday, December 27th. They noted that the move was a valuation call.

Shares of CORR stock traded down $0.27 on Wednesday, hitting $34.60. 70,506 shares of the stock traded hands, compared to its average volume of 77,650. The company has a current ratio of 4.75, a quick ratio of 4.75 and a debt-to-equity ratio of 0.47. The stock has a market cap of $418.82 million, a price-to-earnings ratio of 9.08, a PEG ratio of 1.75 and a beta of 1.63. Corenergy Infrastructure Trust has a twelve month low of $32.52 and a twelve month high of $39.46.

Corenergy Infrastructure Trust (NYSE:CORR) last announced its quarterly earnings results on Wednesday, October 31st. The asset manager reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.53). Corenergy Infrastructure Trust had a net margin of 33.78% and a return on equity of 9.22%. The firm had revenue of $22.64 million for the quarter, compared to analyst estimates of $22.20 million. As a group, equities research analysts predict that Corenergy Infrastructure Trust will post 3.74 EPS for the current year.

In related news, CEO David J. Schulte purchased 1,000 shares of the company’s stock in a transaction on Tuesday, November 13th. The shares were bought at an average cost of $36.33 per share, for a total transaction of $36,330.00. Following the completion of the purchase, the chief executive officer now directly owns 23,059 shares of the company’s stock, valued at approximately $837,733.47. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David J. Schulte purchased 750 shares of the company’s stock in a transaction on Friday, January 4th. The stock was bought at an average price of $33.64 per share, for a total transaction of $25,230.00. Following the completion of the purchase, the chief executive officer now directly owns 23,759 shares of the company’s stock, valued at $799,252.76. The disclosure for this purchase can be found here. Corporate insiders own 1.20% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. increased its stake in Corenergy Infrastructure Trust by 4.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,738 shares of the asset manager’s stock valued at $3,448,000 after purchasing an additional 4,225 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Corenergy Infrastructure Trust by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 121,529 shares of the asset manager’s stock valued at $4,569,000 after purchasing an additional 3,266 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Corenergy Infrastructure Trust by 39.8% in the third quarter. Alliancebernstein L.P. now owns 72,960 shares of the asset manager’s stock valued at $2,742,000 after acquiring an additional 20,770 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Corenergy Infrastructure Trust by 15.6% in the second quarter. Renaissance Technologies LLC now owns 867,900 shares of the asset manager’s stock valued at $32,633,000 after acquiring an additional 116,971 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of Corenergy Infrastructure Trust by 8.0% in the second quarter. Public Employees Retirement System of Ohio now owns 63,081 shares of the asset manager’s stock valued at $2,372,000 after acquiring an additional 4,671 shares during the period. Institutional investors own 64.34% of the company’s stock.

About Corenergy Infrastructure Trust

CorEnergy Infrastructure Trust, Inc (NYSE: CORR, CORRPrA), is a real estate investment trust (REIT) that owns essential energy assets, such as pipelines, storage terminals, and transmission and distribution assets. We receive long-term contracted revenue from operators of our assets, primarily under triple-net participating leases.

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