CorEnergy Infrastructure Trust (CORR) - NYSE
  • 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, 2:58 PM | 21 Comments
  • Wed, Jun. 1, 1:01 PM
    | Wed, Jun. 1, 1:01 PM | 4 Comments
  • 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.
    • Press Release
    | Tue, May 10, 4:33 PM | 5 Comments
  • 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.
    | Fri, May 6, 3:46 PM
  • 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
    | Tue, May 3, 5:21 PM | 10 Comments
  • 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.
    | Thu, Apr. 28, 9:08 AM | 3 Comments
  • Thu, Apr. 14, 2:44 PM
    • CorEnergy Infrastructure Trust (CORR -10.8%) is sharply lower despite seeking to reassure investors that a subsidiary of newly bankrupt Energy XXI (EXXI -73.1%) that leases subsea pipelines off the Louisiana coast remains outside Chapter 11 and are intact.
    • CORR says the bankruptcy filing of EXXI - guarantor of the Grand Isle gathering system lease - and its failure to make interest payments to its creditors would have constituted defaults, but it provided a conditional waiver to certain remedies available to it as a result of non-monetary defaults.
    • Now read Grand Isle gathering system is underwater, literally
    | Thu, Apr. 14, 2:44 PM | 10 Comments
  • Thu, Apr. 14, 12:45 PM
    | Thu, Apr. 14, 12:45 PM | 3 Comments
  • Mon, Mar. 14, 5:24 PM
    | Mon, Mar. 14, 5:24 PM | 12 Comments
  • Thu, Mar. 3, 2:48 PM
    • CorEnergy Infrastructure Trust (CORR +3.9%) is higher after responding to news that two of the three major tenants for its oil and gas pipelines, Ultra Petroleum (UPL +95.7%) and Energy XXI (EXXI +26.7%), are facing financial troubles.
    • CORR says its major tenants - which also includes Arc Logistics Partners (ARCX +1.2%) - are all in compliance with their lease requirements, including timely payments of March rents.
    • UPL included going concern language in its recent annual report and warned of potential bankruptcy and default on its lease agreement related to the Pinedale liquids gathering system in Wyoming; CORR owns Pinedale, and says it expects to refinance the remaining balance of its Pinedale term loan prior to maturity at the end of March, leaving ~$65M of liquidity for acquisitions and other corporate purposes.
    • Earlier: Ultra Petroleum shares +60%, now up 236% the last two days
    | Thu, Mar. 3, 2:48 PM
  • Tue, Jan. 26, 1:09 PM
    • CorEnergy (NYSE:CORR) declares $0.75/share quarterly dividend, in line with previous.
    • Forward yield 20.83%
    • Payable Feb. 29; for shareholders of record Feb. 12; ex-div Feb. 10.
    | Tue, Jan. 26, 1:09 PM | 9 Comments
  • Dec. 31, 2015, 4:25 PM
    • CorEnergy Infrastructure Trust (CORR -1.2%) has OK'd a $10M share repurchase program and extended an existing credit facility.
    • The company will make buys on the open market anytime through December 2016. "We believe the current price of our stock to be at a significant discount relative to the value of our assets and our dividend payments," says CEO Dave Schulte.
    • CorEnergy also said it's extended its Pinedale Corridor credit facility with KeyBank through March, with an interest rate of Libor plus 4.25%. With a principal reduction of $1M, the balance of that facility stands at about $62.5M; Pinedale Corridor will make monthly principal payments of about $4M.
    | Dec. 31, 2015, 4:25 PM | 23 Comments
  • Nov. 9, 2015, 11:12 PM
    • CorEnergy (NYSE:CORR): Q3 FFO of $0.20 in-line.
    • Revenue of $22.14M (+136.8% Y/Y) beats by $0.69M.
    | Nov. 9, 2015, 11:12 PM | 23 Comments
  • Oct. 29, 2015, 5:49 PM
    • CorEnergy (NYSE:CORR) declares $0.15/share quarterly dividend, 11.1% increase from prior dividend of $0.135.
    • Forward yield 11.83%
    • Payable Nov. 30; for shareholders of record Nov. 13; ex-div Nov. 10.
    | Oct. 29, 2015, 5:49 PM | 11 Comments
  • Aug. 10, 2015, 11:27 PM
    • CorEnergy (NYSE:CORR): Q2 EPS of $0.06 in-line.
    • Revenue of $12.68M (+40.6% Y/Y) misses by $0.58M.
    | Aug. 10, 2015, 11:27 PM | 5 Comments
  • Jul. 31, 2015, 8:42 AM
    • CorEnergy (NYSE:CORR) declares $0.135/share annual dividend, in line with previous.
    • Forward yield 2.18%
    • Payable Aug. 31; for shareholders of record Aug. 17; ex-div Aug. 13.
    | Jul. 31, 2015, 8:42 AM | 7 Comments
Company Description
CorEnergy Infrastructure Trust Inc., a real estate investment trust, invests in real estate assets located in the US. The fund targets midstream and downstream assets that perform utility like functions such as pipelines, storage terminals, and transmission and distribution assets. Its... More
Sector: Financial
Country: United States