Phillips 66 (PSX) is a diversified petrochemical company that refines crude oil and natural gas into fuels and petrochemicals, operates gas stations in the U.S. and Europe, and owns stakes in two midstream MLPs that transport fuels. Phillips 66's earnings are very hard to forecast as they depend largely on unpredictable swings in commodity prices [...]

Main Street Capital (MAIN) was the only Safe-rated business development company, or BDC, prior to the coronavirus outbreak. Five other BDCs were rated Borderline Safe, and the remaining 30-plus companies have had Unsafe or Very Unsafe Dividend Safety Scores for several years. Since the beginning of March, the VanEck Vectors BDC Income ETF (BIZD), which tracks the overall performance of publicly traded [...]

On March 6, we discussed why Chevron appeared to have one of the safest dividends in the energy sector. Days later, the price of oil plunged from around $45 per barrel to below $35 as Saudi Arabia engaged Russia in a price war for market share. At the time, we shared our thoughts that the price of oil could [...]

In a market filled with uncertainty, McDonald's CEO Chris Kempczinski provided income investors with a vote of assurance during his interview with CNBCtoday:  "The dividend for us is a paramount priority and so there's no changes planned for that." McDonald's is one of the few restaurant stocks positioned to continue its dividend during the coronavirus pandemic. [...]

The coronavirus outbreak has prompted a growing number of retailers to temporarily close their stores to help slow the spread of the virus. Earlier this week V.F. Corp (VFC) announced plans to shutter its North American stores through April 6 in addition to previously announced closures throughout Europe and Asia. With revenue set to take a big hit for [...]

The novel coronavirus outbreak has triggered temporary store closures and social distancing restrictions designed to slow the virus' spread.  The end result has been unprecedented disruption for most of Sysco's food distribution customers, including restaurants (62% of sales), hotels (9%), and schools and governments (9%). Based on the analysis shared below, we are downgrading Sysco's [...]

The coronavirus outbreak has prompted a growing number of retailers to temporarily close their stores to help slow the spread of the virus. On March 19, TJX (TJX) announced actions it was taking in response to "the rapidly changing market uncertainty" caused by the global pandemic. The off-price retailer stated it was closing practically all of its stores for [...]

The coronavirus pandemic and oil-price war have weighed on the short-term outlook for Magellan Midstream Partners' (MMP) business. The firm generates about 55% of its operating profits from transporting and storing refined petroleum products such as gasoline and diesel fuel. This has long been a nice cash cow business because demand trends are stable and [...]

In the crosshairs of America's response to the spread of the novel coronavirus, Simon (SPG) announced yesterday that all of its mall locations would close until at least March 29 (about two weeks). Simon is now in an unprecedented situation with a wide range of outcomes and a high level of uncertainty. It's anyone's guess how long [...]

National Retail Properties (NNN) is one of America's oldest triple net lease REITs and has grown its dividend each of the last thirty years. Triple net lease contracts shift most operating expenses (insurance, maintenance, utilities, and property taxes) to the tenant.  NNN simply collects rent and typically enjoys highly stable cash flow. However, the coronavirus [...]

A dramatic slowdown in auto sales is becoming more likely as consumers brace for tough times and governments appear increasingly poised to implement drastic measures to slow the spread of the novel coronavirus. Yesterday, GM announced that the automaker would suspend production and idle factories until at least March 30 (about two weeks) in response to the [...]

The unprecedented crash in oil prices, fall in interest rates, and continued slowdown in the global economy due to the novel coronavirus outbreak have rattled the confidence of many bank investors.  Depending on their magnitude and duration, these issues have potential to increase pressure on banks to conserve capital, making it a more difficult task [...]

The response by governments worldwide to stop the spread of the novel coronavirus has created unprecedented uncertainty in the restaurant industry. Restrictions are coming into place around the world that require restaurants to close or switch to carryout only. France, Italy, and Spain announced closures over the weekend, and several states (California, Ohio, Illinois, and others) followed suit soon thereafter [...]

The coronavirus pandemic has sapped demand for gasoline and jet fuel as more people worldwide are told to stay home and avoid non-essential travel.  It's hard to say how long these restrictions will remain in place, but they have created a cloud of uncertainty over refineries, which primarily process crude oil into conventional and premium [...]

Ventas (VTR) has paid uninterrupted dividends for twenty years, including during the 2007-2009 financial crisis, a time which tested the financial strength of most businesses and forced one-third of dividend-paying S&P 500 companies to cut their payouts. However, Ventas is now facing an unprecedented and unforeseen risk: that the REIT's already weak-performing senior living portfolio, [...]