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The following is a list of oversold dividend champions, as defined by the Relative Strength, or RSI(14), indicator. All of the stocks mentioned below have RSI(14) levels below 40, which usually signals oversold conditions.

To create the list, we started with a universe of about 100 dividend champions identified by the DrIP Investing Resource Center--featuring companies that have increased dividends for more than 25 consecutive years. We then narrowed down the list by only focusing on those stocks that have RSI(14) values below 40.

We're not going to go into detailed analysis for each company. The goal here is to give income investors an interesting starting point for their own analysis.

RSI(14) and short float data sourced from Finviz, dividend champions universe sourced from the DrIP Investing Resource Center.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by dividend yield.

1. CenturyLink, Inc. (NYSE:CTL): Telecom Services Industry. Market cap of $12.87B. Dividend yield at 6.83%. RSI(14) at 30.2. Short float at 9.39%, which implies a short ratio of 7.61 days. The stock has gained 33.42% over the last year.

2. Old Republic International Corp. (NYSE:ORI): Surety & Title Insurance Industry. Market cap of $3.13B. Dividend yield at 5.31%. RSI(14) at 36.6. Short float at 5.07%, which implies a short ratio of 8.75 days. The stock has gained 27.2% over the last year.

3. Universal Corp. (NYSE:UVV): Tobacco Products Industry. Market cap of $915.68M. Dividend yield at 4.99%. RSI(14) at 36.24. Short float at 13.23%, which implies a short ratio of 11.57 days. The stock has lost -14.98% over the last year.

4. Middlesex Water Co. (NASDAQ:MSEX): Water Utilities Industry. Market cap of $276.63M. Dividend yield at 4.1%. RSI(14) at 39.25. Short float at 2.44%, which implies a short ratio of 10.64 days. The stock has gained 9.07% over the last year.

5. Northwest Natural Gas Company (NYSE:NWN): Gas Utilities Industry. Market cap of $1.21B. Dividend yield at 3.84%. RSI(14) at 32.1. Short float at 5.73%, which implies a short ratio of 9.18 days. The stock has gained 3.74% over the last year.

6. Connecticut Water Service Inc. (NASDAQ:CTWS): Water Utilities Industry. Market cap of $220.06M. Dividend yield at 3.66%. RSI(14) at 34.86. Short float at 2.79%, which implies a short ratio of 15.59 days. The stock has gained 14.8% over the last year.

7. MGE Energy Inc. (NASDAQ:MGEE): Diversified Utilities Industry. Market cap of $978.94M. Dividend yield at 3.54%. RSI(14) at 39.41. Short float at 2.01%, which implies a short ratio of 8.69 days. The stock has gained 29.54% over the last year.

8. Diebold, Incorporated (NYSE:DBD): Business Equipment Industry. Market cap of $2.07B. Dividend yield at 3.43%. RSI(14) at 36.12. Short float at 2.11%, which implies a short ratio of 3.74 days. The stock has gained 8.74% over the last year.

9. V.F. Corporation (NYSE:VFC): Textile Industry. Market cap of $9.07B. Dividend yield at 3.01%. RSI(14) at 39.22. Short float at 6.28%, which implies a short ratio of 6.44 days. The stock has gained 15.85% over the last year.

10. The Coca-Cola Company (NYSE:KO): Beverages Industry. Market cap of $146.13B. Dividend yield at 2.8%. RSI(14) at 39.68. Short float at 0.96%, which implies a short ratio of 2.32 days. The stock has gained 19.39% over the last year.

11. Weyco Group Inc. (NASDAQ:WEYS): Textile Industry. Market cap of $259.34M. Dividend yield at 2.79%. RSI(14) at 35.67. Short float at 2.42%, which implies a short ratio of 17.96 days. The stock has gained 5.52% over the last year.

12. SJW Corp. (NYSE:SJW): Water Utilities Industry. Market cap of $464.24M. Dividend yield at 2.72%. RSI(14) at 36.92. Short float at 3.23%, which implies a short ratio of 11.26 days. The stock has gained 15.39% over the last year.

13. Air Products & Chemicals Inc. (NYSE:APD): Chemicals Industry. Market cap of $18.71B. Dividend yield at 2.25%. RSI(14) at 36.0. Short float at 0.78%, which implies a short ratio of 1.64 days. The stock has gained 12.04% over the last year.

14. RLI Corp. (NYSE:RLI): Property & Casualty Insurance Industry. Market cap of $1.08B. Dividend yield at 2.25%. RSI(14) at 38.36. Short float at 6.86%, which implies a short ratio of 8.31 days. The stock has gained 16.39% over the last year.

15. Family Dollar Stores Inc. (NYSE:FDO): Discount Industry. Market cap of $5.59B. Dividend yield at 1.4%. RSI(14) at 32.0. Short float at 4.78%, which implies a short ratio of 2.74 days. The stock has gained 45.83% over the last year.

16. Gorman-Rupp Co. (NYSEMKT:GRC): Diversified Machinery Industry. Market cap of $526.37M. Dividend yield at 1.34%. RSI(14) at 39.57. Short float at 2.95%, which implies a short ratio of 14.09 days. The stock has gained 22.89% over the last year.

17. Sigma-Aldrich Corporation (NASDAQ:SIAL): Specialty Chemicals Industry. Market cap of $7.71B. Dividend yield at 1.01%. RSI(14) at 35.0. Short float at 3.51%, which implies a short ratio of 7.21 days. The stock has gained 26.75% over the last year.

Source: The 17 Most Oversold Dividend Champions