Shares of NuStar Energy LP, the pipeline operator that sold its refining business this year, fell the most in more than three months after an analyst said a canceled pipeline purchase put the company at risk of cutting its dividend.

The shares fell 6.9 percent to close at $47 in New York.

NuStar may have to cut the distribution it pays to unit holders afters its plan to buy a petroleum-liquids pipeline was canceled, Credit Suisse Group AG analyst Brett Reilly said in a note to clients Monday. Credit Suisse downgraded the shares to the equivalent of sell from hold.

NuStar, based in San Antonio, in November to buy TexStar Midstream Services LP for $425 million. The company received a letter from TexStar on Feb. 18 purporting to cancel the deal, according to a March 1 filing.

“We are evaluating all of our legal options,” NuStar said in the filing. TexStar doesn’t have the right to end the deal, NuStar said in the filing. NuStar closed on the $325 million sale Dec. 14.

Mary Rose Brown, a spokeswoman for NuStar, didn’t immediately respond to a request for comments.