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.
Erin Kennedy has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.