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CenturyLink (CTL) is rallying due to better-than-feared Q2 results. For a stock priced for destruction, the ability of the large telecom to survive the major COVID-19 hit with limited financial impact is a very positive signal for investors. My investment thesis remains very bullish on the stock here with a nearly 10% dividend yield and a very low payout ratio.
Image Source: CenturyLink website
Surviving The Virus
Considering where CenturyLink trades, the market clearly expected more dire results from the heavily-indebted telecom. For Q2, revenues were only down 3.4% to $5.2 billion.