Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Niska Gas Storage Partners (NYSE: NKA) fell as much as 26% today after the company released earnings.

So what: Overall, revenue increased 9.9% to 45.8 million and net earnings improved to $4.6 million. But Niska is paying out more than it is currently taking in, and unless conditions improve, it may have to lower its distributions.

Now what: For the most recent quarter, Niska paid a cash distribution of $0.35 per share and shares traded ex-dividend after the close of trading on Aug. 5. Master limited partnership investors should mainly be concerned about a company's ability to pay distributions to shareholders -- and right now that's shrinking. I would be leery of buying shares of Niska today considering management's statements about deteriorating conditions in the market.

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