Wolfe’s short ideas: Companies with potential dividend cuts

Wolfe Research analysts listed stocks with potential dividend cuts as part of its “short screen stock ideas” report.

These are stocks have more than 3.5% dividend yield, more than 3.5x net debt/EBITDA or more than 80% payout ratio or more than 80% dividend/FCFE (free cash flow to equity). The list excludes utility and real estate stocks.

Within communication services

• Sirius XM Holdings (SIRI) – Next 3 years debt maturity percentage total: 50%
• Nexstar Broadcasting Group (NXST) – Next 3 years debt maturity percentage total: 27%
• Cogent Communications (CCOI) – Next 3 years debt maturity percentage total: 100%
• Shutterstock (SSTK) – Next 3 years debt maturity percentage total: 2%
• Sinclair Broadcast Group (SBGI) – Next 3 years debt maturity percentage total: 100%

Within consumer discretionary

• Vail Resorts (MTN) – Next 3 years debt maturity percentage total: 97%
• Whirlpool (WHR) – Next 3 years debt maturity percentage total: 51%
• International Game Technology (IGT) – Next 3 years debt maturity percentage total: 47%
• The Wendy’s Co. (WEN) – Next 3 years debt maturity percentage total: 100%
• Travel & Leisure Co. (TNL) – Next 3 years debt maturity percentage total: 45%
• Super Group (SGHC) – Next 3 years debt maturity percentage total: NA
• Kohl’s Corp. (KSS) – Next 3 years debt maturity percentage total: 40%
• Upbound Group (UPBD) – Next 3 years debt maturity percentage total: NA
• Dana Holding (DAN) – Next 3 years debt maturity percentage total: 39%
• Bloomin’ Brands (BLMN) – Next 3 years debt maturity percentage total: 100%

Within consumer staples

• ConAgra Foods (CAG) – Next 3 years debt maturity percentage total: 48%
• The J. M. Smucker Co. (SJM) – Next 3 years debt maturity percentage total: 18%
• Walgreen Boots Alliance (WBA) – Next 3 years debt maturity percentage total: 63%
• Cal-Maine Foods (CALM) – Next 3 years debt maturity percentage total: NA
• WK Kellogg (KLG) – Next 3 years debt maturity percentage total: 100%
• Universal Corp. (UVV) – Next 3 years debt maturity percentage total: 100%

Within energy

• Enterprise Products Partners (EPD) – Next 3 years debt maturity percentage total: 16%
• Energy Transfer (ET) – Next 3 years debt maturity percentage total: 12%
• MPLX (MPLX) – Next 3 years debt maturity percentage total: 22%
• Western Midstream Partners (WES) – Next 3 years debt maturity percentage total: 27%
• Permian Resources (PR) – Next 3 years debt maturity percentage total: 41%
• Plains All American Pipeline (PAA) – Next 3 years debt maturity percentage total: 32%
• Viper Energy Partners (VNOM) – Next 3 years debt maturity percentage total: 20%
• Kinetik Holdings (KNTK) – Next 3 years debt maturity percentage total: 57%
• Hess Midstream (HESM) – Next 3 years debt maturity percentage total: 50%
• Antero Midstream Corp. (AM) – Next 3 years debt maturity percentage total: 81%
• Sunoco (SUN) – Next 3 years debt maturity percentage total: 36%
• Bonanza Creek Energy (CIVI) – Next 3 years debt maturity percentage total: 56%
• Frontline Limited (FRO) – Next 3 years debt maturity percentage total: 100%
• Northern Oil and Gas (NOG) – Next 3 years debt maturity percentage total: 74%
• Sitio Royalties (STR) – Next 3 years debt maturity percentage total: 100%
• PBF Energy (PBF) – Next 3 years debt maturity percentage total: 100%
• Patterson-UTI Energy (PTEN) – Next 3 years debt maturity percentage total: 100%
• Alliance Resources Partners (ARLP) – Next 3 years debt maturity percentage total: 8%
• Kodiak Gas Services (KGS) – Next 3 years debt maturity percentage total: NA
• Black Stone Minerals (BSM) – Next 3 years debt maturity percentage total: NA
• USA Compression Partners (USAC) – Next 3 years debt maturity percentage total: 100%
• New Fortress Energy (NFE) – Next 3 years debt maturity percentage total: 62%
• Delek Logistics Partners (DKL) – Next 3 years debt maturity percentage total: 5%
• Global Partners (GLP) – Next 3 years debt maturity percentage total: 100%
• DHT Holdings (DHT) – Next 3 years debt maturity percentage total: 12%
• Dorchester Minerals (DMLP) – Next 3 years debt maturity percentage total: NA
• Kimbell Royalty Partners (KRP) – Next 3 years debt maturity percentage total: 100%
• Genesis Energy (GEL) – Next 3 years debt maturity percentage total: 66%
• FELX LNG (FLNG) – Next 3 years debt maturity percentage total: NA
• Delek US Holdings (DK) – Next 3 years debt maturity percentage total: 5%

Within financials

• UWM Holdings (UWMC) – Next 3 years debt maturity percentage total: NA
• OneMain Holdings (OMF) – Next 3 years debt maturity percentage total: NA
• TFS Financial (TFSL) – Next 3 years debt maturity percentage total: NA
• Artisan Partners Asset Management (APAM) – Next 3 years debt maturity percentage total: 100%
• Hannon Armstrong Sustainable Infrastructure Capital (HASI) – Next 3 years debt maturity percentage total: NA
• Pacific Premier Bancorp (PPBI) – Next 3 years debt maturity percentage total: NA

Within healthcare

• Pfizer (PFE) – Next 3 years debt maturity percentage total: 26%
• CVS Health (CVS) – Next 3 years debt maturity percentage total: 14%
• Perrigo Company (PRGO) – Next 3 years debt maturity percentage total: 29%
• Patterson Companies (PDCO) – Next 3 years debt maturity percentage total: 32%

Within industrials

• United Parcel Service (UPS) – Next 3 years debt maturity percentage total: 13%
• CNH Industrial (CNH) – Next 3 years debt maturity percentage total: NA%
• Icahn Enterprises (IEP) – Next 3 years debt maturity percentage total: 23%
• MSC Industrial Direct (MSM) – Next 3 years debt maturity percentage total: 100%
• ManpowerGroup (MAN) – Next 3 years debt maturity percentage total: 100%
• Golden Ocean Group (GOGL) – Next 3 years debt maturity percentage total: 60%
• Deluxe Corp. (DLX) – Next 3 years debt maturity percentage total: 65%

Within information technology

• Xerox Corp. (XRX) – Next 3 years debt maturity percentage total: 15%

Within materials

• LyondellBasell Industries (LYB) – Next 3 years debt maturity percentage total: 15%
• Amcor Plc (AMCR) – Next 3 years debt maturity percentage total: NA
• Celanese Corp. (CE) – Next 3 years debt maturity percentage total: 26%
• The Scott Miracle-Gro Co. (SMG) – Next 3 years debt maturity percentage total: 75%
• Huntsman Corp. (HUN) – Next 3 years debt maturity percentage total: 77%
• Tronox Limited (TROX) – Next 3 years debt maturity percentage total: 7%
• Kaiser Aluminum Corp. (KALU) – Next 3 years debt maturity percentage total: 100%