First, the idea that you're "locking in" a dividend is one that needs to be put as far out of your mind as possible.
Especially for a company like WCP, which has cut the dividend twice in the last 10 years. The last two bear markets in terms of oil, WCP has cut the dividend. If tariffs persist and we head into a global recession, highly likely we enter another bear market for oil.
If you're looking to "lock in" income, high quality bonds, money market funds, or treasury bills are effectively the only way you can do it. Chasing yield during times like this can lead to some pretty disastrous results, as companies that are higher yielding are generally having some financial difficulties already (Scotiabank, BCE, to name a few) and if we do enter a recession, I can't imagine earnings will be all that rosy.
There are some companies that I do like that happen to pay higher yields, something like Telus, Alaris Equity Partners, Brookfield Renewables, Lockheed Martin, etc. However, my premise is not to like them based on their yields, but more so the underlying strength of the company.
Posted by Anonymous