Just a few comments on that Seeking Alpha article. When the author first published it, he forgot to mention the distribution cut. He also mentions the analyst upgrades without mentioning that the upgrades were to "neutral" and "market perform" which are hardly ringing endorsements.
There is a certain connotation that the "midstream" MLP space is where the value is, but part of that is based on the "gathering and processing" MLPs like MWE, EDP, NGLS and APL that have all had excellent stock runs and distribution increases. I'm not sure NRGM's business (and the remaining parts of NRGY) is exactly equivalent to those companies' businesses yet, but it is easy for Seeking Alpha writers to pronounce that all companies in the midstream space are equal and deserving of the same value metrics. Now that NRGY will be rid of propane, it may be easier to see how the storage assets really are performing and whether they are deserving of the higher value of a "midstream" company.
Yes, not all those SA articles actually find that elusive Alpha! Still, what is kept at NRGY seems interesting, but probably more comparable with CHKM than typical G&P's, The management team certainly keeps their feet moving--buy out the GP, becomes a GP by spinning out NRGM, sell their main business. The nice part is that with the new distribution set, a major uncertainty is gone. I may get back in.
I think CHKM is a more typical G&P. PNG and NKA may be more comparable nat gas storage MLPs. NKA yields over 10% and PNG around 7.6%.
Keep in mind that the NRGY share price will probably decline about $3 (or more) after the propane sale close to reflect the disposition of those assets and the lower distribution. Now that they've done their deals, I think the market is going to ask them to show their growth before awarding them with a premium valuation.