Shares of Dynagas LNG Partners LP plunged 20% toward a 2-year low in premarket trade Wednesday, to pace all the decliners ahead of the open, after the operator of liquefied natural gas (LNG) carriers slashed its dividend by over 40%. The company said its quarterly distribution will decline to 25 cents a share from 42.25 cents a share, with the new distribution payable May 3 to shareholders of record on April 26. "This decision by our board of directors to reduce the level of the partnership's quarterly common unit distribution is necessary to align the partnership's distribution level with its capacity to generate cash flow in the long term," said Chief Executive Tony Lauritzen. He said the new distribution level could provide about $24.5 million in annual cash savings. The stock had slumped 2.3% year to date through Tuesday, while the SPDR Energy Select Sector ETF had edged up 0.2% and the S&P 500 had gained 1.2%.