On June 24, 2015, I bought 107 shares of Corenergy (CORR). 101 at $6.10 and I flipped 6 shares at $6.17.
1) Corr has just reached an agreement to purchase all of EXXI Midstream and upstream facilities for $245 Million.
2) Corr will then lease the facilities back to EXXI for $40 million a year.
3) the purchase will be mainly through share dilution and debt funded by BofAML
4) to help current shareholders, dividends will be raise its dividend in the 3rd quarter upon completion from $0.135 to $0.15.
5) and then the market took Corr to the woodshed for a 10% 1 day loss
Like they say, when people are fearful get greedy. This is my first purchase of this company in a little over a year. I will probably flip for 3 more shares and won't buy any more past 300. I need to refocus and double down on my consumer staples.
A lot of investors have no idea what Corr is or what they do. I will be posting an article this weekend explaining Corr to another company KMI. The working title is KMI the "Bull" vs CORR the "tortoise".
My forward 12 month dividend currently stands at $1,688.56 + FCISX distribution.
For more information look at Brad Thomas article
Seeking Alpha Article