CorEnergy Infrastructure TrustNYSE
70% Of Tenants Are Bankrupt: Outlook For CorEnergy
Dane Bowler • 20 Comments
Dane Bowler • 20 Comments
A Risky 92% Upside At CorEnergy
Dane Bowler • 58 Comments
Dane Bowler • 58 Comments
Mon, Nov. 14, 1:00 PM
Mon, Nov. 14, 12:58 PM
- CorEnergy Infrastructure Trust (CORR +9.7%) pushes higher on news that Ultra Petroleum (OTCPK:UPLMQ) has agreed to assume the lease on its Pinedale Liquids Gathering System without amendment.
- In exchange, CORR agrees to withdraw its damages claims and its motion to dismiss its tenant from any bankruptcy proceedings while maintaining its right to assert claims in the future to protect the value of Pinedale LGS; the agreements are subject to approval by the court.
- RBC Capital upgrades CORR to Sector Perform from Underperform on the news and raises its price target to $30 from $23, saying the agreement eliminates the worst downside scenarios for the trust.
Wed, Nov. 2, 5:26 PM
Wed, Oct. 26, 5:35 PM
Fri, Oct. 21, 8:39 PM
- CorEnergy Infrastructure Trust (NYSE:CORR) announced earlier that it won court approval to postpone a bid to separate its Ultra Wyoming LGS subsidiary from the Ultra Petroleum (OTCPK:UPLMQ) bankruptcy process.
- The companies have agreed to mediation to resolve their dispute, and now have until Dec. 15 to strike a deal.
- CORR has been challenging the Ultra Petroleum bankruptcy petition, arguing Ultra is solvent and has been using the courts to terminate its contract with the subsidiary.
- The mediation decision follows a deposition of an Ultra senior exec, who said the earliest the Shell System could take over for a CORR pipeline is late fall 2017.
Tue, Oct. 18, 5:20 PM
- Shares of CorEnergy Infrastructure Trust (NYSE:CORR) gained 2% in today's trade ahead of a court hearing later this week on the company's motion seeking to dismiss a bankruptcy petition by one of its tenants, Ultra Wyoming LGS.
- CORR is expected to argue on Thursday that Ultra Wyoming is solvent and cannot use bankruptcy court to revise a lease with its only creditor, and says the bankruptcy filing was creating market uncertainty for CORR and its Pinedale LGS facility acquired two years ago from a Shell subsidiary, according to an SEC filing.
- Separately, RBC Capital downgraded CORR to Underperform from Sector Perform with a $23 price target, lowered from $30, believing the current valuation considers best case scenarios in the bankruptcy case.
Thu, Sep. 22, 1:01 PM
Thu, Aug. 11, 3:25 PM
- CorEnergy Infrastructure Trust (CORR -2.3%) is downgraded to Hold from Buy at Stifel, citing lease uncertainty related to the Pinedale situation.
- Stifel notes that CORR posted a solid Q2 with AFFO of $13.3 million and DPU coverage of 1.5x, both in-line with its estimates, and provided an update on the bankruptcy proceedings related to tenants at the GIGS and Pinedale assets.
- CORR expects to know whether the Pinedale lease will be rejected by year-end, while the GIGS lease looks increasingly secure as the parent for the tenant recently filed its reorganization plan that excludes any mention of the lease.
Tue, Aug. 9, 6:05 AM
Wed, Jul. 27, 5:58 PM
Wed, Jun. 1, 2:58 PM
- CorEnergy Infrastructure Trust (CORR +8.3%) is upgraded to Buy from Hold with a $32 price target at Stifel, which notes that although the company posted a solid quarter, the real story concerns the durability of cash flows.
- As CORR's two largest investments support distressed producers, the firm says market uncertainty over whether CORR will continue to collect rent payments has long been an overhang on the stock, but with the commodity environment showing signs of improving and CORR's tenants staying current on payments, the firm's confidence in the durability of CORR's cash flows has increased.
- Now read 70% of tenants are bankrupt: Outlook for CorEnergy (May 4)
Wed, Jun. 1, 1:01 PM
Tue, May 10, 4:33 PM
- CorEnergy (NYSE:CORR): Q1 FFO of $1.07 beats by $0.03.
- Revenue of $22.26M (+59.1% Y/Y) misses by $0.37M.
Fri, May 6, 3:46 PM
- Cone Midstream Partners (CNNX -0.1%) is upgraded to Outperform from Sector Perform with a $20 price target, raised from $12, at RBC Capital, which cites the company's clean balance sheet, leverage to potential rigs returning to Marcellus and Utica, and multiple levers for growth; the firm thinks Cone's valuation gap to its closest peers can close as the company continues to execute cleanly.
- At the same time, RBC downgrades CorEnergy Infrastructure Trust (CORR +0.9%) to Sector Perform from Outperform with a $23 price target, trimmed from $25, as CORR's two primary lessees now are in bankruptcy; the company likely receives rent through bankruptcies, but RBC has less visibility that rent levels survive in their current form on emergence.
Tue, May 3, 5:21 PM
- CorEnergy Infrastructure Trust (NYSE:CORR) fell only 2% in today's trade, less than many energy related stocks, even after another tenant - Ultra Petroleum, the lessee of its second-biggest asset - filed for bankruptcy.
- It is the second bankruptcy filing for a major CORR tenant in the past month, after Energy XXI filed for Chapter 11 on April 14; EXXI represents 38% of CORR's assets and UPL represents 30%.
- The filing threatens the lease for the Pinedale Liquids Gathering System in Wyoming, but UPL's Wyoming subsidiary so far has not filed a motion to reject its lease with CORR, and given that UPL looked closely at how EXXI set up its bankruptcy, a similar deal seems likely, KC Business Journal reports.
- CORR seems to have dodged a bullet from the EXXI bankruptcy, since EXXI intends to continue operating and agreed to leave its fully paid and up-to-date lease for CORR's pipeline out of bankruptcy court proceedings.
- Now read CorEnergy says Energy XXI's Grand Island lease not affected by bankruptcy
Thu, Apr. 28, 9:08 AM
- CorEnergy (NYSE:CORR) declares $0.75/share quarterly dividend, in line with previous.
- Forward yield 14.21%
- Payable May 31; for shareholders of record May 13; ex-div May 11.