Dane Bowler • 20 Comments
Dane Bowler • 58 Comments
Dane Bowler • 27 Comments
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
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, 12:45 PM
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
Jun. 23, 2015, 9:16 AM
Dec. 13, 2012, 9:44 AM
CorEnergy Infrastructure Trust (CORR -12.6%) plunges at the open after announcing its public offering of 13M common shares will be priced at $6/share. CORR intends to use the proceeds toward the anticipated $225M acquisition of a liquids gathering system from Ultra Petroleum.| Dec. 13, 2012, 9:44 AM