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UPDATE: Stifel Reiterates On CorEnergy Infrastructure Trust As VantaCore Sale Is Complete

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In a report published Tuesday, Stifel analyst Selman Akyol reiterated a Buy rating on CorEnergy Infrastructure Trust (NYSE: CORR), but lowered the price target from $8.50 to $8.00.

In the report, Stifel noted, “CorEnergy joined the Russell 2000 Index, Russell 3000 Index, in addition to being included in the FTSE NAREIT All REITs Index, during the first half of the year. Subsequent to the quarter the company closed the previously announced sale of VantaCore Partners LP to Natural Resource Partners (NRP, Hold, covered by our colleague Paul Forward, $13.02). In 3Q, the company reported Adjusted Funds from Operations (AFFO) of approximately $5.0 million compared to $4.5 million in 2Q14. The distribution was maintained at $0.13 as management reiterated its targeted DPS of no less than $0.52. We estimate the payout coverage was approximately 1.21x for the quarter. Given the strong quarter and management's reiterated guidance on FY14 dividends we are maintaining our Buy rating and adjusting our rounded target price to $8.00 from $8.50 based on a targeted yield of 7% and our FY15 DPS estimate of $0.55. Capital appreciation of 7% combined with a current yield of 7% offers investors total return potential of 14%.”

CorEnergy Infrastructure Trust closed on Monday at $7.46.

Latest Ratings for CORR

DateFirmActionFromTo
May 2018MaintainsHoldHold
Jun 2017DowngradesNeutralUnderperform
Mar 2017DowngradesBuyHold

View More Analyst Ratings for CORR
View the Latest Analyst Ratings

Posted-In: Selman Akyol StifelAnalyst Color Price Target Analyst Ratings

 

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