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Do you like being able to rely on a stock's dividend? Many investors are attracted to "dividend champion" stocks, or those listed by DRiP Investing as those that have consistently increased their dividends over the last 25 years. But history is no guarantee of future payouts, and investors would be wise to take a close look at sales trends before making any investment decisions.

To create the list below we screened "dividend champions" for accounting trouble, particularly in accounts receivable. Accounts receivable is the portion of revenue (sales) that has not yet been received. Since there is no guarantee that this money will be recovered, the higher the portion of revenue attributable to accounts receivable, the lower the quality of revenue. This is especially troubling for dividend stocks, because dividends are paid out of these revenues.

To be specific, we screened for stocks seeing slower growth in revenue than accounts receivable year-over-year, as well as accounts receivable comprising a larger portion of current assets over the same time period.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research. (click to enlarge)

Tool provided by Kapitall.

Do you think these stocks can continue to pay reliable dividends? Use this list as a starting point for your own analysis. List Average 1-Year Return: 10%

1. Black Hills Corporation (NYSE:BKH): Operates as a diversified energy company primarily in the United States. Market cap at $1.57B, most recent closing price at $35.61. The stock has been raising yields for 42 years to a current yield of 4.32748538011696%. Revenue grew by -7.02% during the most recent quarter ($242.36M vs. $260.65M y/y). Accounts receivable grew by 5.61% during the same time period ($121.3M vs. $114.86M y/y). Receivables, as a percentage of current assets, increased from 17.78% to 36.1% during the most recent quarter (comparing 3 months ending 2012-06-30 to 3 months ending 2011-06-30).

2. California Water Service Group (NYSE:CWT): Provides water utility and other related services in California, Washington, New Mexico, and Hawaii. Market cap at $779.71M, most recent closing price at $18.60. The stock has been raising yields for 45 years to a current yield of 3.44450519409513%. Revenue grew by 9.25% during the most recent quarter ($143.55M vs. $131.4M y/y). Accounts receivable grew by 40.74% during the same time period ($70.16M vs. $49.85M y/y). Receivables, as a percentage of current assets, increased from 37.88% to 52.01% during the most recent quarter (comparing 3 months ending 2012-06-30 to 3 months ending 2011-06-30).

3. Energen Corp. (NYSE:EGN): Engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the continental United States. Market cap at $3.69B, most recent closing price at $51.17. The stock has been raising yields for 30 years to a current yield of 1.09696376101861%. Revenue grew by 42.36% during the most recent quarter ($470.36M vs. $330.4M y/y). Accounts receivable grew by 47.7% during the same time period ($250.04M vs. $169.29M y/y). Receivables, as a percentage of current assets, increased from 49.36% to 53.04% during the most recent quarter (comparing 3 months ending 2012-06-30 to 3 months ending 2011-06-30).

4. Helmerich & Payne Inc. (NYSE:HP): Engages in the contract drilling of oil and gas wells in the United States and internationally. Market cap at $4.91B, most recent closing price at $46.43. The stock has been raising yields for 39 years to a current yield of 0.613496932515337%. Revenue grew by 27.28% during the most recent quarter ($819.78M vs. $644.1M y/y). Accounts receivable grew by 36.05% during the same time period ($604.35M vs. $444.21M y/y). Receivables, as a percentage of current assets, increased from 50.33% to 64.12% during the most recent quarter (comparing 3 months ending 2012-06-30 to 3 months ending 2011-06-30).

5. The McGraw-Hill Companies, Inc. (MHP): Provides various information services for financial, educational, and business information markets worldwide. Market cap at $15.18B, most recent closing price at $54.18. The stock has been raising yields for 39 years to a current yield of 1.9921875%. Revenue grew by -0.64% during the most recent quarter ($1,547M vs. $1,557M y/y). Accounts receivable grew by 9.98% during the same time period ($1,102M vs. $1,002M y/y). Receivables, as a percentage of current assets, increased from 31.28% to 41.74% during the most recent quarter (comparing 3 months ending 2012-06-30 to 3 months ending 2011-06-30).

6. Piedmont Natural Gas Co. Inc. (NYSE:PNY): Distributes natural gas to residential, commercial, industrial, and power generation customers in portions of North Carolina, South Carolina, and Tennessee. Market cap at $2.37B, most recent closing price at $32.93. The stock has been raising yields for 34 years to a current yield of 3.84245917387128%. Revenue grew by -18.33% during the most recent quarter ($161.12M vs. $197.27M y/y). Accounts receivable grew by 46.71% during the same time period ($177.47M vs. $120.97M y/y). Receivables, as a percentage of current assets, increased from 33.71% to 61.38% during the most recent quarter (comparing 3 months ending 2012-07-31 to 3 months ending 2011-07-31).

7. Vectren Corporation (NYSE:VVC): Provides energy delivery services to residential, commercial, and industrial and other customers in Indiana and west central Ohio. Market cap at $2.37B, most recent closing price at $28.85. The stock has been raising yields for 52 years to a current yield of 4.96277915632754%. Revenue grew by -1.09% during the most recent quarter ($470.6M vs. $475.8M y/y). Accounts receivable grew by 12.96% during the same time period ($202.2M vs. $179M y/y). Receivables, as a percentage of current assets, increased from 34.91% to 40.58% during the most recent quarter (comparing 3 months ending 2012-06-30 to 3 months ending 2011-06-30).

8. WGL Holdings Inc. (NYSE:WGL): Engages in the delivery and sale of natural gas, and provides energy-related products and services in the District of Columbia, Maryland, Virginia, and Delaware. Market cap at $2.1B, most recent closing price at $40.65. The stock has been raising yields for 36 years to a current yield of 4.09836065573771%. Revenue grew by -10.6% during the most recent quarter ($438.33M vs. $490.28M y/y). Accounts receivable grew by 1.91% during the same time period ($239.24M vs. $234.76M y/y). Receivables, as a percentage of current assets, increased from 28.53% to 30.82% during the most recent quarter (comparing 3 months ending 2012-06-30 to 3 months ending 2011-06-30).

*Dividend data sourced from DRiP, accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: Caution: These 8 Dividend Champions Have Account Receivable Flags