At the current price, management could cut the distibution to $.31/Q and still be yielding 8%. There's nothing magic about 8%, but in the MLP world, it's in the middle of the pack. They could justify it. That would represent a cut of 56%. Given the uncertainty that management's continued delay is fostering, it's becoming more likely by the day that the cut will be larger than expected.
Continued delay in declaring the dividend? Looking at the past year, they always seem to declare the dividend about the 27th of the month following the end of the Qtr. So I would not look at the "delay", if you want to call it that, as meaning anything.
That's the whole point. If this were a normal quarter, we would all be happy to have the announcement then.
This is not a normal quarter. Management announced in February that they would be reducing the distribution, but said they needed to study the issue and would make an announcement about it in due course. Given that NRGY's fortunes have been declining for a year, it seemed fairly obvious to most of us who have owned, or studied, this company over the years, that the distribution could have been cut then and there by 50%. That would have settled the issue, removed the uncertainty, and we could have gone forward from there.
Management's failure to do that implied that there were issues going on behind the scenes that needed to be dealt with. The problem is that we no longer know what those issues might be. The uncertainty caused by management unnecessary delays has been a direct cause of collapse in the unit price from the mid-20s to the mid-teens. As long as the distribution remains uncertain, so will the unit price decline.
Hopefully that helps you understand my earlier post.