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After evaluating NRGY earlier in the year, I stayed away. I did not like the payout ratio and thought the high dividend was the only thing holding up the price of the shares.The company kept the dividend high in order to issue more shares over the years. Debt is high and the major part of the business in propane which has been out of favor. Most propane sales are made to small users, nothing like natural gas which can power power plants and heavy trucks.The fact that directors and management fell in love with the stock means nothing. Cramer was in love with the stock too. Where did that get everyone.The question is how much lower the shares will go when the dividend actually gets cut?Until debt gets reduced, margins get better, the amount of the dividend cut is known, and natural gas prices go significantly higher, this storage and propane business is going lower in my opinion.The question is how low and what the next few quarters look like. Could the shares drop another $5 a share. In my opinion, yes.