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When considering dividend stocks, a company's cash flow should be one of the most important aspects of your analysis. Although a company can borrow money to maintain their dividend yield, this is not a sustainable practice. To be able to rely on a company's dividend, be sure to check that the company is generating sufficient cash to cover their yield.

We ran a screen on stocks paying dividend yields above 2% and sustainable payout ratios below 35%. We screened these companies for those with at least three times the trailing-twelve-month operating cash flow per share to the dividend per share over the same time period. We then screened for those companies with "low risk" ratings in the four corporate governance areas covered by RiskMetrics.

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.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these companies pay sustainable dividend yields? Use this list as a starting-off point for your own analysis.

List sorted by dividend yield.

1. Marathon Oil Corporation (NYSE:MRO): Oil & Gas Refining & Marketing Industry. Market cap of $19.03B. Dividend yield at 3.76%, payout ratio at 28.57%. TTM operating cash flow per share at $11.42 vs. TTM dividend per share at $1.00. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has performed poorly over the last month, losing 14.86%.

2. Intel Corporation (NASDAQ:INTC): Semiconductor Industry. Market cap of $108.43B. Dividend yield at 3.52%, payout ratio at 29.97%. TTM operating cash flow per share at $3.05 vs. TTM dividend per share at $0.68. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has gained 11.56% over the last year.

3. Packaging Corp. of America (NYSE:PKG): Packaging & Containers Industry. Market cap of $2.36B. Dividend yield at 3.45%, payout ratio at 31.76%. TTM operating cash flow per share at $3.99 vs. TTM dividend per share at $0.70. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has performed poorly over the last month, losing 15.69%.

4. Staples, Inc. (NASDAQ:SPLS): Specialty Retail Industry. Market cap of $9.61B. Dividend yield at 2.98%, payout ratio at 29.67%. TTM operating cash flow per share at $2.03 vs. TTM dividend per share at $0.37. According to RiskMetrics, the company has "low risk" in all corporate governance categories. Might be undervalued at current levels, with a PEG ratio at 0.77, and P/FCF ratio at 12.37. It's been a rough couple of days for the stock, losing 6% over the last week.

5. Wal-Mart Stores Inc. (NYSE:WMT): Discount Variety Stores Industry. Market cap of $172.76B. Dividend yield at 2.94%, payout ratio at 29.22%. TTM operating cash flow per share at $6.84 vs. TTM dividend per share at $1.27. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has gained 1.34% over the last year.

6. Sealed Air Corporation (NYSE:SEE): Packaging & Containers Industry. Market cap of $2.96B. Dividend yield at 2.82%, payout ratio at 33.59%. TTM operating cash flow per share at $2.55 vs. TTM dividend per share at $0.52. According to RiskMetrics, the company has "low risk" in all corporate governance categories. T It's been a rough couple of days for the stock, losing 5.91% over the last week.

7. JPMorgan Chase & Co. (NYSE:JPM): Money Center Banks Industry. Market cap of $140.01B. Dividend yield at 2.79%, payout ratio at 13.26%. TTM operating cash flow per share at $2.33 vs. TTM dividend per share at $0.60. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has performed poorly over the last month, losing 11%.

8. Gap Inc. (NYSE:GPS): Apparel Stores Industry. Market cap of $9.08B. Dividend yield at 2.74%, payout ratio at 21.80%. TTM operating cash flow per share at $2.66 vs. TTM dividend per share at $0.41. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has performed poorly over the last month, losing 12.33%.

9. United Technologies Corp. (NYSE:UTX): Conglomerates Industry. Market cap of $65.84B. Dividend yield at 2.66%, payout ratio at 34.14%. TTM operating cash flow per share at $6.53 vs. TTM dividend per share at $1.76. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has performed poorly over the last month, losing 17.5%.

10. Exxon Mobil Corporation (NYSE:XOM): Major Integrated Oil & Gas Industry. Market cap of $350.07B. Dividend yield at 2.62%, payout ratio at 23.58%. TTM operating cash flow per share at $11.19 vs. TTM dividend per share at $1.79. According to RiskMetrics, the company has "low risk" in all corporate governance categories. The stock has performed poorly over the last month, losing 11.87%.

11. The Bank of New York Mellon Corporation (NYSE:BK): Asset Management Industry. Market cap of $24.64B. Dividend yield at 2.61%, payout ratio at 18.68%. TTM operating cash flow per share at $4.22 vs. TTM dividend per share at $0.40. According to RiskMetrics, the company has "low risk" in all corporate governance categories. Might be undervalued at current levels, with a PEG ratio at 0.74, and P/FCF ratio at 5.9. It's been a rough couple of days for the stock, losing 12.29% over the last week.

12. Microsoft Corporation (NASDAQ:MSFT): Application Software Industry. Market cap of $210.29B. Dividend yield at 2.56%, payout ratio at 23.33%. TTM operating cash flow per share at $3.15 vs. TTM dividend per share at $0.64. According to RiskMetrics, the company has "low risk" in all corporate governance categories. Might be undervalued at current levels, with a PEG ratio at 0.89, and P/FCF ratio at 10.81. The stock has gained 5.37% over the last year.

*Dividend data and operating cash flow per share sourced from Screener.co, RiskMetrics ratings sourced from Yahoo! Finance, all other data sourced from Finviz.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 12 Dividend Stocks with Strong Cash Coverage and Corporate Governance