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.