| Over a month ago | ||||
As previously reported,… As previously reported, DA Davidson analyst Barry Oxford upgraded CorEnergy to Neutral from Underperform with a price target of $9.50, up from $5. The analyst is citing the company's "transformative" acquisition of Crimson Midstream Holdings last week, with the acquired assets including "four critical infrastructure pipeline systems" that span about 1,800 miles across northern, central, and southern California. Oxford adds that the assets connect the "desirable" native California crude production to in-state refineries producing state-mandated specialized fuel blends and other products. | ||||
DA Davidson analyst Barry… DA Davidson analyst Barry Oxford upgraded CorEnergy to Neutral from Underperform with a price target of $9.50, up from $4.50. | ||||
Management discusses the… Management discusses the acquisition of Crimson Midstream, including four critical infrastructure pipeline systems, on a conference call to be held on February 5 at 10 am. Webcast Link | ||||
Management discusses the… Management discusses the acquisition of Crimson Midstream, including four critical infrastructure pipeline systems, on a conference call to be held on February 5 at 10 am. Webcast Link | ||||
CorEnergy Infrastructure… CorEnergy Infrastructure Trust announced the acquisition of Crimson Midstream Holdings, LLC, a California Public Utilities Commission regulated crude oil pipeline owner and operator, for consideration valued at approximately $350M. The acquired assets include four critical infrastructure pipeline systems spanning approximately 1,800 miles across northern, central and southern California, connecting desirable native California crude production to in-state refineries producing state-mandated specialized fuel blends, among other products. The acquisition was funded with a combination of cash on hand, commitments to issue, as described below, approximately $119.4M of new common and preferred equity, contribution of the Grand Isle Gathering System to the sellers, and $105M in new term and revolver borrowings. The acquired assets qualify for REIT treatment under established IRS regulations and CorEnergy's Private Letter Ruling. Following the transaction, Dave Schulte will remain Chairman, CEO and President of CorEnergy. John Grier, founder and Board Chairman of Crimson Midstream, LLC, will become Chief Operating Officer and join the Board of Directors of CorEnergy. Additional members of Crimson's executive and operating teams joining CorEnergy, include Robert Waldron, Chief Financial Officer at Crimson Midstream, who will become CFO of CorEnergy and Larry Alexander, President of Crimson California's operations. | ||||
| Over a quarter ago | ||||
Catch up on today's… Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Equifax (EFX) upgraded to Overweight from Equal Weight at Barclays with analyst Manav Patnaik saying heading into 2021, the analyst favors "pro-cyclical" credit bureau names "who look poised to benefit from a broad lending volume recovery." 2. ON Semiconductor (ON) upgraded to Overweight from Sector Weight at KeyBanc with analyst John Vinh saying new CEO Hassane El-Khoury's prior success as CEO of Cypress Semiconductor makes him well suited to leading ON. 3. Lexicon (LXRX) upgraded to Buy from Neutral at Citi with analyst Yigal Nochomovitz adding sotagliflozin for heart failure in type 2 diabetes to the company's model with a 75% probability of success following positive data from the SOLOIST and SCORED studies. 4. Lowe's (LOW) upgraded to Buy from Hold at R5 Capital with analyst Scott Mushkin following a recent visit to a reconfigured store that suggested to him that the company has greatly improved adjacencies and ease of shop, especially for Pro customers. 5. CorEnergy (CORR) upgraded to Hold from Sell at Stifel with analyst Selman Akyol noting that oil prices have improved from about $37 per barrel when he previously downgraded the stock to about $45 per barrel currently. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
As previously reported,… As previously reported, Stifel analyst Selman Akyol upgraded CorEnergy to Hold from Sell with a price target of $5, up from $1, noting that oil prices have improved from about $37 per barrel when he previously downgraded the stock to about $45 per barrel currently. The oil price outlook is constructive as economic activity should increase into the second half of 2021, argues Akyol, who believes the higher oil price environment supports a valuation higher than book value for CorEnergy. He has also raised his valuation for CorEnergy's natural gas transportation assets, the analyst noted. | ||||
Stifel analyst Selman… Stifel analyst Selman Akyol upgraded CorEnergy to Hold from Sell with a $5 price target. | ||||
CorEnergy is up 23.0%, or… CorEnergy is up 23.0%, or $1.29 to $6.91. | ||||
Midstream Energy Virtual… Midstream Energy Virtual Conference to be held on November 18-19. | ||||