I like Cramer and he is learning about MLPs, but I don't believe he has a sound thesis re NRGY. On his show, he spoke about people switching out of propane--my family members who use it tell me that is more a matter of switching from one supplier to another, no one can afford to have a gas company build a line to their home. Most telling, he is still calling a distribution a dividend, it seems.
Neither Cramer nor analysts seem to have taken the pipeline IPO into account. NRGY will sell off $300M in assets but retain control AND receive IDRs from the new pipeline/storage MLP. Sounds like a pretty good deal to me, reminiscent of the old days with NRGP, but with the roles reversed and the cash flowing to NRGY.
Technically, the stock seems to be trying to form a bottom. If the current distribution is maintained, that should help.