There are two very disturbing indications at CenturyLink (CTL). The first is the dividend payout ratio as seen below from 1982 to 2018 as obtained from Value Line Investment Survey.
The second troubling indication is the number of shares outstanding. Below is the shares outstanding from 1982 to 2018.
With CenturyLink (CTL) yielding more than some junk bonds, a long-term investor seeking income needs to beware of these two indicators (at minimum) of an unsustainable dividend policy.