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CorEnergy Infrastructure Trust, Inc. (CORR)

NYSE - Nasdaq Real Time Price. Currency in USD
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1.59000.0000 (0.00%)
As of 10:44AM EDT. Market open.

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  • P
    Pooky
    Can’t believe this stock yields 10%. It’s return of capital because they don’t earn it.
    This company acts like a toll booth on the highway. They collect a fee from any liquids that pass through the “toll booth”.
    I can’t believe they might have messed that up!!
  • g
    gary
    CORR make it to the 1's today, briefly. Not bad, 3 years ago, $ 50, now less than $ 2. 50 to 1 reverse split. Impressive. Way to go, guys
  • g
    greg
    Any guesses as to what all this trama means for the preferred? 14% is tempting.
  • g
    gary
    14 out of the last 15 days DOWN lets see those zeros
  • g
    gary
    $ 51.00 to $ 1.74 Impressive
  • Ю
    Юрий
    to 0.5
  • g
    gary
    11 straight down days we are gonna get to the zeros soon. thanks genius management
  • g
    gary
    we got to the 1's next stop, zeros. great job guys
  • g
    gary
    down 12 straight days
  • A
    Anonymous
    Very undervalued stock. Insiders are buying shares. Dividents 8% Why so low?
  • g
    gary
    down 10 straight days; thats impressive
  • E
    Ethan
    12% yield...what clowns are they selling? Please give me your rationale for selling the preference down here? It needs 12m p.a. to service it and the company has 40m ebitda...maybe need another 10m for interest of their 220m debt and another 20m capex...
  • n
    notableCalls
    Let's review recent events here:

    - Oil goes through a period of unprecedented volatility

    - During the volatility, one of CORR's tenants with a history of filing for CH 11 during volatility files for CH 11 -- 99% chance that lease gets renegotiated down some %age points and is paid at the newer negotiated rate when the company emerges (this has happened with this tenant before in recent history)

    - Also during that unprecented volatiility, one of CORR's larger tenants.. representing ~40% of revenue, says they need to hold off on payments for a month or two.. WHILE OIL PRICES ARE NEGATIVE... yes, "sorry we can't afford to pay you right now because the main thing we produce has negative prices".. pretty reasonable

    - About 1.5 months after that bigger tenant said they can't make rent in April, Oil went from $14 / barrel in April, to negative prices in May, and is now trading at around $40 in June.. and major stock indicies are making new highs.

    ...what do you think is going to happen here?? I was jacked OXY since last Friday, and CORR looks like an even stronger opportunitiy to me now based solely on the math of the sum of the parts.

    I'm Long.
  • T
    Tom
    After listening to the call and reviewing the presentation materials, this is definitely a “mixed bag” result for stockholders, depending at what price you own it. CORR has fundamentally changed, they own just 1 of their 3 original assets after 12 months (Omega is a minor 4th asset), after clearly having been burned by the 2 low-grade credit worthy tenants being Ultra and Cox. Management has responded by perhaps overreaching for an exceptionally reliable asset in Crimson. This “exchange” for higher-quality comes at a price in the form of dilution and a much lower than expected dividend. Personally, this is where my disappointment lies. However, CORR’s viability was at stake, (going from $45 to $4 demonstrates this) and no doubt that CORR now has much more stability going forward. No question.

    Here comes the part about where one owns CORR. I started buying small lots of CORR when it started dropping last Feb/March/April and have shares in the low $30’s $20’s and at $17. After watching it stumble over the summer, I bought bigger lots in October and November and again in early January at prices from $3.55 (Nov) and $5 (Oct) and then $6.65 (Jan). For me, those lower price shares will be worth the patience to hold. It appears I may have been wrong in my assumption that the Crimson contribution to the divvy would be in addition to what they already pay, so a 40 cent divvy may be the max that could be expected in the near term (12-18 months). With a cost basis on my lower shares of $4.25, that is a 9.4% yield and something worth holding for, especially since that may increase over time.

    For my stranded shares at $17 and above, it is not worth holding CORR for the 40 cent divvy and that diminished capital could be better deployed elsewhere. I am fortunate enough to have some gains already this year, and since BAM will be ultimately buying out my BPYU shares at some point this year as well, I plan to sell those higher priced CORR shares over the next year as an offsetting loss and adding those stranded funds to positions/opportunities elsewhere. My position in CORR will drop by about 40% due to those sales. For stockholders who weren’t able to grab shares at the lower levels, I wouldn’t expect CORR to really rebound in price significantly. $8-$12 is probably a likely range for CORR over the next 12 months, so sadly no rally back to higher levels for other longs and my (eventually formerly) stranded shares. But no question now about solvency and cash flow either, CORR will survive. Mixed bag for sure….
  • R
    Retcio
    I really wanted this deal to be a game changer but it is not. Just more of the short sighted poorly negotiated actions we have seen in the past. The real kicker was the dividend sitting at 20c for an unspecified time. I just sold half of my holdings and will wait another week to see if this turns around. My money went into OKE which in my view is more aligned with the future and has a stunning dividend. I lost a bundle on this stock but have a small profit on the 2000 shares I have left. I do have one question for those of you who are still supporting this deal. If these are such great assets, why did Crimson sell them in the first place !
  • R
    Robert
    Where you at Tom? I listened to the whole investor call, it seems like management has decided to reduce their risk and increase it's market share. P66 in California is closing a refinery which will add more market share to CORR, too. This deal is robust and also helps to rectify the GIGS/ COX lease nonpayment issue. Not sure why the stock went up 11% then fell to below %5 at the moment. You're words of wisdom are welcome!
  • T
    Tom
    Almost 8.5% of the float is sold short (1.15M shares as of Jan 15th). Given the Crimson news, there is little reason to be short anymore as CORR is clearly solvent and profitable with the Crimson acquisition. Deal valued at $350M generating $50M+ in EBITDA, with CORR also having the profitable MoGas and Omega assets. Crimson's clients are investment grade with regulated revenue to CORR. Seems like this takes a huge amount of risk out of CORR's shares and adds a lot of value, smaller divvy notwithstanding. Looking forward to the call tomorrow.
  • T
    Tom
    Held my nose and bought my last batch at $5.72. The "no news" has this dripping lower, but at some point the Cox issue will be resolved. One way or another and if Cox can't get their oil out without CORR, this is a different situation than Pinedale. Plus, with everyone cutting production and exploration (will XOM be the last shoe to drop?) oil should steady and even rise. Anyhoo, I can sit on this and be patient.
  • H
    Hoang
    Wouldn’t this be interpreted as a rush to settle for the sake of PR. Cox Operating L.L.C Responds to Misrepresentation in Press Release by CorEnergy
    Business WireApril 17, 2020, 10:07 AM CDT
    Today, Cox Operating L.L.C. delivered the following communication, in substance, to CorEnergy.

    RE: Notice of material misrepresentations and demand

    On April 13, 2020, on behalf of CorEnergy Infrastructure Trust, Inc. ("CorEnergy"), you stated in a FORM 8-K that "Cox Oil has provided notification of its intent to suspend payment of rent, beginning with the April payment, on the Grand Isle Gathering System…" Furthermore, in a press release incorporated into the FORM 8-K, as Exhibit 99.1, you stated that "Cox attributed the decision to its plan to shut in production on all of its wells in the Gulf of Mexico…."

    These statements, among others, in your published communications are false, inaccurate, and require immediate correction. By way of example only and not limitation, the rent-paying tenant in the operative agreement concerning the referenced Grand Isle Gathering System is Energy XXI GIGS Services, LLC, not "Cox Oil" or "Cox," as you misrepresent in your public statements and disclosures. Furthermore, reference to Cox shutting in production on all Gulf of Mexico wells is false, misleading, and exceedingly harmful to the business interests of Cox.

    About Cox Operating, L.L.C.

    Cox is a privately-held entity that owns and operates assets in the Gulf of Mexico and was founded by fourth generation oilman, Brad E. Cox. Cox has grown through enhanced development of production and reserves in existing assets along with strategic acquisitions. Cox’s assets are located in both the OCS in the Gulf of Mexico and the shallow waters off the coast of Louisiana. The Company currently operate more than 600 producing wells from approximately 500 structures over 66 fields with daily production of approximately 85,000 BOE. These operated assets stretch from offshore Florida to Texas. Cox is based in Dallas, Texas with operation staff in New Orleans, Louisiana and Houston. To learn more, visit Cox’s website at coxoperating.com.