NSH has been slowly rising. I think arbitrage players are accumulating publicly traded GPs, thinking that companies like NSH and ETE will likely be merged with their respective MLPs soon.
I agree with the arbs. NSH could be bought for about .7 units of NS, and with the cancellation of the units owned by NSH and the IDRs, it would only result in dillution of 13%, which would likely be absorbed by the coverage ratio. It would significantly lower the cost of capital and make them competitive with Buckeye and Magellan going forward.