CorEnergy Infrastructure (CORR) Tops Q3 EPS by 4c

CorEnergy Infrastructure (NYSE: CORR) reported Q3 EPS of $0.57, $0.04 better than the analyst estimate of $0.53. Revenue for the quarter came in at $22.44 million versus the consensus estimate of $22.24 million.

Outlook

CorEnergy believes acquisitions enhance the stability of its operations, reducing risk to existing stockholders, because of the diversification benefits and added potential for dividend growth. The Company is evaluating a broad set of infrastructure opportunities and targets transacting on one to two acquisitions per year, with a target range of $50 to $250 million per project. CorEnergy intends to finance these acquisitions through the use of capacity on its revolver, partnerships with co-investors, portfolio level debt, and, if beneficial to existing stockholders, prudent preferred and/or common equity issuances. There can be no assurance that any of these acquisition opportunities will result in consummated transactions.

CorEnergy intends to continue paying quarterly dividends of $0.75 per share ($3.00 annualized). The Company targets revenue growth of 1-3% annually from existing contracts through inflation-based and participating rent adjustments and additional growth from acquisitions. Dependent upon the level of revenue growth achieved, CorEnergy will assess its ability to responsibly grow its dividend above current levels.

For earnings history and earnings-related data on CorEnergy Infrastructure (CORR) click here.

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