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
|Nov 2014||Stifel Nicolaus||Maintains||Buy|
|Sep 2014||Stifel Nicolaus||Upgrades||Hold||Buy|
|Jan 2014||Bank of America||Upgrades||Neutral||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.