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UPDATE: KeyBanc Initiates CorEnergy Infrastructure Trust at Hold on Valuation

KeyBanc initiated CorEnergy Infrastructure Trust (NYSE: CORR) with a Hold rating.

KeyBanc commented, "CORR provides a way to gain exposure to the energy market without the volatility associated with commodity prices as the Company will have contractual rent obligations on mission critical energy infrastructure. … Being one of the pioneering energy infrastructure REITs (upon conversion), CORR will need to prove the viability of the external growth strategy. … While the premium 7.2% dividend yield appears attractive (vs. an average 3.3% dividend yield for the REIT sector), we believe the stock looks fairly valued at an 8.6% discount to our NAV estimate. We view the discount as warranted, though we could become more constructive if the Company were to address: the limited dry powder and the external management structure."

CorEnergy Infrastructure Trust closed at $6.92 on Monday.

Latest Ratings for CORR

DateFirmActionFromTo
Nov 2014Stifel NicolausMaintainsBuy
Sep 2014Stifel NicolausUpgradesHoldBuy
Jan 2014Bank of AmericaUpgradesNeutralBuy

View More Analyst Ratings for CORR
View the Latest Analyst Ratings

Posted-In: KeyBancAnalyst Color Initiation Analyst Ratings

 

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