One of a few mlp's that is currently out of favor.
In addition to consolidation pains and distribution coverage squeeze only other clear issue I can see is it may take a little time for inergy to get is growth legs back under it. I cannot see any other material tangible reason specific to inergy for the unfavorable view other than those above. My view as an investor is now is the time to buy in small bites over next 12 months.
I've bought around $38 and think NRGY has bottomed. I hope the market, NRGY or both pullback as I will add to my position. I expect NRGY to trade up to about $45 which will give it a yield almost equal to SPH which is comparable. Risk that the recent acquisition's accretive cash flow takes "longer than expected."