Three Dividend Stocks to Steer Clear Of

Don’t be fooled by these dividend traps.

Investing in dividend-paying stocks can be a great way to generate predictable returns during times of uncertainty. But just like with any category of stocks, there are some dividend stocks to steer clear of. Some dividend stocks are at high risk of reducing/ suspending their payouts, while others have downside risks that outweigh their respective payouts.  

Simply put, there are many dividend plays that are potential portfolio poison. In this list, we’ll cover three such toxic dividend stocks.  

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Intel Corporation (INTC)

Chipmaker, Intel announced Wednesday that it would cut its quarterly dividend by more than 65%, from 36.5 cents to 12.5 cents. The company also reaffirmed its recently issued outlook for the first quarter of 2023. Intel guided to a 15-cent non-GAAP loss per share but didn’t provide full-year guidance, citing economic uncertainty. Analysts expected free cash flow to run negative for 2023 and 2024, with Intel paying out about $6 billion yearly for common-stock dividends.

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Abrdn Income Credit Strategies Fund (ACP)

A closed-end fund, Abrdn Income Credit Strategies Fund, offers a high forward dividend yield of 14.35%. However, Over the past year, ACP shares have fallen by more than 20%. Further declines may be ahead for two reasons.

First, the Fed plans to raise interest rates as it attempts to tamp down high inflation. Higher rates have an inverse effect on the value of ACP’s portfolio of low-rated debt securities. Second, the current economic downturn could increase the default risk of ACP’s holdings. This may also result in another dividend cut, like the 16.7% cut implemented in 2020. 

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Adeia (ADEA)

Adeia is an intellectual property licensing firm with a relatively low forward dividend yield of 1.89%. Taking into account downside risk,  questionable whether the company can maintain its current rate of payout. Sell-side analysts anticipate ADEA’s earnings will fall by nearly 30% this year. If management’s plan to maximize its portfolio fails, its payout could be cut to ribbons. This may result in a steady decline for ADEA stock as well.