It's a tough day to be a Boardwalk Pipeline Partners (NYSE: BWP ) investor: Shares have taken a nosedive today after the company reported disappointing fourth-quarter earnings.
The master limited partnership sent investors running for the exits when it announced it was cutting its quarterly distribution by more than 80%, to $0.10. Given Boardwalk Partners' miss on earnings and poor guidance, Credit Suisse downgraded the the stock from neutral to underperform.
Motley Fool analyst Taylor Muckerman believes the report was pretty grim. Taylor likes the company, but thinks investors should stay on the sidelines until this these negative trends shake out.
Get our No. 1 stock pick for 2014
There's a huge difference between a good stock and a stock that can make you rich. The Motley Fool's chief investment officer has selected his No. 1 stock for 2014, and it's one of the latter. You can find out which stock it is in the special free report "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.