Photon Orbit Around a Black Hole: Conservation Law Effects

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Ontophobe
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Hi. Now that I understand the conservation law of angular momentum, and given the fact that c is constant, I infer that if a photon were to go into orbit around a black hole, it could only take a circular orbit. No elliptical orbits for photons, because if it were to follow an elliptical orbit, it would have to speed up and slow down in order to cover the same amount of space per unit of time. Is this correct?

Related question: Can a photon "sling shot" itself around a black hole and blueshift itself in the process? (since accelerating itself isn't an option for the photon)
 
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So, parabolas, hyperbolas, and circles are kosher, but no ellipses. Correct?