NYSE:CORR.PRA

Stock Analysis Report

CorEnergy Infrastructure Trust

Executive Summary

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real estate investment trust (REIT) that owns critical energy assets, such as pipelines, storage terminals, and transmission and distribution assets.

Rewards

Trading at 49.8% below its fair value

Earnings are forecast to grow 83.36% per year

Risk Analysis

Dividend of 6.56% is not well covered by earnings

Large one-off items impacting financial results

Profit margins (6.3%) are lower than last year (23%)

Shareholders have been diluted in the past year



Snowflake Analysis

Fair value with moderate growth potential.

Share Price & News

How has CorEnergy Infrastructure Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CORR.PRA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.8%

CORR.PRA

3.0%

US REITs

1.5%

US Market


1 Year Return

2.4%

CORR.PRA

16.2%

US REITs

20.1%

US Market

Return vs Industry: CORR.PRA underperformed the US REITs industry which returned 16.2% over the past year.

Return vs Market: CORR.PRA underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

CORR.PRAIndustryMarket
7 Day-1.8%3.0%1.5%
30 Day0.2%4.5%1.4%
90 Day0.6%6.1%8.7%
1 Year10.0%2.4%20.9%16.2%22.7%20.1%
3 Year25.9%1.2%40.7%23.1%50.1%40.5%
5 Year51.1%2.2%57.9%25.3%73.1%54.1%

Price Volatility Vs. Market

How volatile is CorEnergy Infrastructure Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is CorEnergy Infrastructure Trust undervalued compared to its fair value and its price relative to the market?

49.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CORR.PRA ($25.61) is trading below our estimate of fair value ($50.97)

Significantly Below Fair Value: CORR.PRA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CORR.PRA is poor value based on its PE Ratio (105.7x) compared to the REITs industry average (37.3x).

PE vs Market: CORR.PRA is poor value based on its PE Ratio (105.7x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: CORR.PRA is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: CORR.PRA is good value based on its PB Ratio (1.8x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is CorEnergy Infrastructure Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

83.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CORR.PRA's forecast earnings growth (83.4% per year) is above the savings rate (1.7%).

Earnings vs Market: CORR.PRA's earnings (83.4% per year) are forecast to grow faster than the US market (14.5% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CORR.PRA's revenue is expected to decline over the next 3 years (-1.6% per year).

High Growth Revenue: CORR.PRA's revenue is forecast to decline over the next 3 years (-1.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CORR.PRA's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has CorEnergy Infrastructure Trust performed over the past 5 years?

23.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CORR.PRA has a large one-off loss of $21.7M impacting its September 30 2019 financial results.

Growing Profit Margin: CORR.PRA's current net profit margins (6.3%) are lower than last year (23%).


Past Earnings Growth Analysis

Earnings Trend: CORR.PRA's earnings have grown significantly by 23% per year over the past 5 years.

Accelerating Growth: CORR.PRA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CORR.PRA had negative earnings growth (-73.2%) over the past year, making it difficult to compare to the REITs industry average (6.9%).


Return on Equity

High ROE: CORR.PRA's Return on Equity (3.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is CorEnergy Infrastructure Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CORR.PRA has a high level of physical assets or inventory.

Debt Coverage by Assets: CORR.PRA's debt is not covered by short term assets (assets are 1x debt).


Financial Institutions Analysis

Asset Level: CORR.PRA's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CORR.PRA has a sufficient allowance for bad loans.

Low Risk Liabilities: CORR.PRA reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CORR.PRA has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CORR.PRA has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CORR.PRA has an appropriate level of bad loans.


Next Steps

Dividend

What is CorEnergy Infrastructure Trust's current dividend yield, its reliability and sustainability?

6.56%

Current Dividend Yield


Dividend Yield vs Market

company6.6%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years6.6%

Current dividend yield vs market & industry

Notable Dividend: CORR.PRA's dividend (6.56%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: CORR.PRA's dividend (6.56%) is in the top 25% of dividend payers in the US market (3.69%)


Stability and Growth of Payments

Stable Dividend: CORR.PRA's dividend payments have been volatile in the past 10 years.

Growing Dividend: CORR.PRA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (288.9%), CORR.PRA's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.4yrs

Average management tenure


CEO

Dave Schulte (58yo)

15.1yrs

Tenure

0

Mr. David John Schulte, also known as Dave, CFA serves as Chairman of the Board of CorEnergy Infrastructure Trust, Inc. since January 1, 2019. He served as a Managing Director at Corridor InfraTrust Manage ...


Leadership Team

NamePositionTenureCompensationOwnership
David Schulte
CEO, President & Chairman15.1yrsno data0.19% $1.2m
Jeffrey Teeven
Vice President of Finance0yrsno datano data
Kristin Leitze
Chief Accounting Officer & Controller0.2yrsno data0.0028% $17.1k
Jeffrey Fulmer
Executive Vice President5.8yrsno data0.036% $222.4k
Michael Jonagan
Senior Vice President5.8yrsno datano data
Rebecca Sandring
Executive VP8.2yrsno data0.040% $245.6k
Richard Kreul
President of Mowood LLC & President of Mogas Pipeline LLC6.9yrsno datano data
Rachel Stroer
Assistant Secretary0yrsno datano data
Natalie Hill
Assistant Corporate Secretary and Paralegal0yrsno datano data

6.4yrs

Average Tenure

58yo

Average Age

Experienced Management: CORR.PRA's management team is seasoned and experienced (6.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
David Schulte
CEO, President & Chairman15.1yrsno data0.19% $1.2m
Richard Green
Chairman Emeritus1.1yrsno datano data
Barrett Brady
Lead Independent Director2.1yrsUS$58.00k0.036% $221.7k
Conrad Ciccotello
Independent Director15.1yrsUS$60.00k0.039% $241.2k
Todd Banks
Independent Director2.8yrsUS$53.00k0.0051% $31.3k
Catherine Lewis
Independent Director6.6yrsUS$60.00k0.032% $198.8k

2.4yrs

Average Tenure

61yo

Average Age

Experienced Board: CORR.PRA's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6%.


Top Shareholders

Company Information

CorEnergy Infrastructure Trust, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CorEnergy Infrastructure Trust, Inc.
  • Ticker: CORR.PRA
  • Exchange: NYSE
  • Founded: 2005
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Market Cap: US$618.678m
  • Shares outstanding: 13.53m
  • Website: https://corenergy.reit

Number of Employees


Location

  • CorEnergy Infrastructure Trust, Inc.
  • 1100 Walnut
  • Suite 3350
  • Kansas City
  • Missouri
  • 64106
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CORRNYSE (New York Stock Exchange)YesCommon StockUSUSDFeb 2007
CORR.PRANYSE (New York Stock Exchange)DEP SHS REPSTGUSUSDJan 2015

Biography

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real estate investment trust (REIT) that owns critical energy assets, such as pipelines, storage terminals, and transmission and distribution assets. We receive long-term contracted revenue from operators of our assets, primarily under triple-net participating leases. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 01:12
End of Day Share Price2020/02/14 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.