CORR - CorEnergy to suspend dividend payments on common preferred stock
CorEnergy Infrastructure Trust ( NYSE: CORR ) said Monday it will suspend dividend payments on its common stock and its 7.375% Series A cumulative redeemable preferred stock.
The board said it is suspending dividends due to a combination of declining volumes and increased costs in its California systems.
"As a result, we filed for a 36% rate increase on our SPB line in California based on the regulated cost-of-service tariff structure," Chairman and CEO Dave Schulte said.
"Pending the resumption of dividends, we believe that retained capital best benefits stockholders through the reduction of debt," Schulte also said.
Three months ago, CorEnergy Infrastructure Trust ( CORR ) reported a Q3 GAAP loss of $1.17/share .
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CorEnergy to suspend dividend payments on common, preferred stock