CorEnergy (CORR) stands today as an opportunistic play on the energy infrastructure market with a large dividend and the potential for significant alpha. Finding its way to the Infrastructure sector was not a simple task for the company, and each aspect of its journey is essential to understanding the current opportunity. Let's start at the beginning.
CorEnergy completed its IPO in February 2007 under the name Tortoise Capital Resources (TTO) as a closed-end management investment company regulated as a BDC. Most of its securities were in energy-related companies, some of which it wholly owned. From its close ties to the energy business, Tortoise Capital Resources began to see vast opportunity in direct ownership of the infrastructure, and...