NEW YORK (TheStreet) -- CorEnergy Infrastructure (CORR) shares are up 0.83% to $6.12 in morning trading on Wednesday after the energy infrastructure real estate trust announced the pricing of its two previously announced secondary offerings.
For its common stock offering, the company agreed to sell 11.25 million shares for $6 per share.
For its convertible notes offering, the company priced its unsecured senior notes at $100 million with an initial conversion price of $6.60.
Bother offerings are expected to close on or about June 29 with net proceeds from the sale to be used to partially finance its $245 million acquisition of a subsea pipeline system in the Gulf of Mexico from Energy XXI (EXXI).
Separately, the company was upgraded to "outperform" from "sector perform" by analysts today at RBC Capital who also raised its price target to $8 from $7.
TheStreet Ratings team rates CORENERGY INFRASTRUCTURE TR as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CORENERGY INFRASTRUCTURE TR (CORR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself."