While dividends may not be important to some, the the large dividend cut has impacted total return, but also sentiment towards the company. Utilities are supposed to be stable. We saw AQN cut once, then twice, and the stock was in the doghouse for years. This could, potentially, be NPI's future. Considering its business, earnings have been more inconsistent than we would have thought. Could it bounce? Certainly. Lower rates can help. But with its small size and debt, we would prefer a larger company with a higher yield and fewer legacy issues, such as PPL, BEPC or ENB. They also have good potential under the same conditions. We do not 'hate' it, but think selling and moving on is still the best option here. We are big believers in momentum, and it may take a while for NPI to get its mojo back.
5i Research Answer: