MPLX LP's (MPLX) unit price has slumped 30% over the past year, including a 15% decline in recent weeks. With a dividend yield approaching 10%, the stock has some income investors wondering whether or not the firm's payout is safe.  Let's take a closer look at MPLX's business and the factors that have weighed on its stock.

With origins dating to 1848, Lazard (LAZ) was a pioneer in offering financial services around the world. In recent years the company's popularity with income investors has increased. Not only has Lazard paid uninterrupted dividends since it went public in 2005, but the firm has also doled out special dividends each year since 2012.

BT (BT) has had an Unsafe Dividend Safety Score since early 2018. The British telecom giant has since seen its stock price fall more than 30%, pushing its dividend yield above 8%. In March 2019 we published an in-depth note reviewing why BT's dividend could eventually be cut. The crux of the argument lies in BT's need for greater financial flexibility.  In recent years the provider of broadband and mobile services has experienced low single-digit declines in organic revenue and EBITDA, driven by intense competition, a challenging regulatory environment, and underinvestment in its network. (Note that BT's sales growth jump in 2017 was driven by the firm's acquisition of the U.K.'s largest mobile operator.)

When I reviewed Kroger (KR) in May 2018, I made the following concluding remarks:  At the end of the day, it's hard to pull the trigger to invest in a supermarket chain. While Kroger has rewarded shareholders with tremendous returns over the last decade, profitable growth is likely to be more challenging over the next 10 years due to increased competition, stagnant new store growth, and evolving consumer shopping preferences.Kroger seems like more of a mature, defensive cash cow, but its low dividend yield does not reflect that status. For now, investors may be better off invested in other quality dividend stocks that have greater pricing power, healthier balance sheets, stronger moats, faster dividend growth profiles, and numerous opportunities to increase [...]

Pfizer (PFE) has taken steps in recent years to focus its business on higher-margin, faster-growing prescription drugs. For example, in 2013 the company spun off its animal health business, late last year Pfizer reached a deal with GlaxoSmithKline (GSK) to combine their consumer health businesses, and in June 2019 the firm agreed to buy cancer treatment firm Array BioPharma for $10.6 billion. Pfizer's evolution took its biggest step forward this past weekend when management announced plans to combine its off-patent established medicines with generic drugmaker Mylan (MYL), creating a new global pharmaceutical company with nearly $20 billion in revenue. This deal has important implications for dividend investors.

Earlier this week V.F. Corp (VFC) declared a quarterly dividend of $0.43 per share. The company's prior quarterly dividend rate was $0.51 per share, resulting in some headlines claiming that this dividend aristocrat had cut its payout. While V.F. Corp's new dividend rate is technically lower, investors didn't actually receive a payout cut. In May, V.F. Corp spun off its jeans business into an independent, publicly traded company called Kontoor Brands (KTB). VFC investors received shares in Kontoor, which also pays a dividend. As management had previously communicated when the separation was first announced, the combined dividends from V.F. Corp and Kontoor equal the dividend V.F. Corp paid prior to the spinoff. 

Boeing's (BA) best-selling plane model, the 737 MAX, has been grounded since mid-March following two deadly crashes. Analysts had estimated this plane series would account for about two-thirds of the company's future deliveries and roughly 40% of Boeing's total profit. Understandably, many investors remain concerned about the risks Boeing faces from this ordeal. Based on what we know today, Boeing's dividend continues to look safe. However, further setbacks could result in the company's Dividend Safety Score being downgraded to our Borderline Safe rating. This past week the company provided two updates. First, on July 18, Boeing announced it would take an after-tax $4.9 billion charge "in connection with an estimate of potential concessions and other considerations to customers for disruptions related to the 737 MAX grounding [...]

Down more than half from their mid-2015 high, shares of WPP (WPP) yield nearly 7% today. The global advertising conglomerate has paid uninterrupted dividends for more than 20 consecutive years, but its business has faced challenges from the rise of digital marketing and shifting client needs.  In most cases, a company's financials paint a fairly clear picture of its dividend safety profile. A high payout ratio, substantial debt, weak profitability, or cyclical earnings can each serve as a warning sign that a firm's payout may not be sustainable in the long term. However, sometimes there is more to the story. A business could face a lawsuit that has potential to result in a material liability (e.g. Johnson & Johnson's talc and [...]

Down more than half from their mid-2015 high, shares of WPP (WPP) yield nearly 7% today. The global advertising conglomerate has paid uninterrupted dividends for more than 20 consecutive years, but its business has faced challenges from the rise of digital marketing and shifting client needs. 

Imperial Brands (IMBBY) boasts an impressive track record of raising its dividend by 10% each year for the past decade, thanks to the predictable cash flow its tobacco business has historically generated.  However, shifting consumer habits and regulatory changes have challenged the tobacco market, sending Imperial Brands' dividend yield soaring to 9%.  With a Borderline Safe Dividend Safety Score and the market appearing skeptical of Imperial Brands' ability to maintain its current payout, some income investors are worried what the company's future might hold.