Tortoise Capital Resources Co. (NYSE:CORR) declared a quarterly dividend on Wednesday, April 25th, Zacks reports. Investors of record on Thursday, May 17th will be paid a dividend of 0.75 per share by the asset manager on Thursday, May 31st. This represents a $3.00 dividend on an annualized basis and a yield of 8.36%. The ex-dividend date of this dividend is Wednesday, May 16th.
Tortoise Capital Resources has increased its dividend by an average of 5.3% per year over the last three years. Tortoise Capital Resources has a dividend payout ratio of 71.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Tortoise Capital Resources to earn $4.35 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 69.0%.
CORR stock opened at $35.87 on Friday. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $430.52 million, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 2.10 and a beta of 1.89. Tortoise Capital Resources has a 12 month low of $35.90 and a 12 month high of $36.27.
In other news, CEO David J. Schulte purchased 1,930 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The shares were acquired at an average cost of $36.91 per share, for a total transaction of $71,236.30. Following the transaction, the chief executive officer now directly owns 22,110 shares of the company’s stock, valued at approximately $816,080.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.20% of the company’s stock.
CORR has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Tortoise Capital Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. ValuEngine cut shares of Tortoise Capital Resources from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. Finally, Stifel Nicolaus decreased their price objective on shares of Tortoise Capital Resources to $39.00 and set a “hold” rating on the stock in a report on Tuesday, May 8th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock has an average rating of “Hold” and an average target price of $39.00.
Tortoise Capital Resources Company Profile
CorEnergy Infrastructure Trust, Inc (NYSE: CORR, CORRPrA) is a real estate investment trust (REIT) that owns essential 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.
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