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Back in December, David Peltier, Portfolio Manager of the Dividend Stock Advisor, recommended two safe dividend stocks and one to avoid for 2009. Click on this video to see if David still likes these stocks and how to buy them.

Peltier said that 2008 was a rough year and many 'safe' companies slashed their dividends. So for 2009, he is looking for companies that have raised their dividend every year and have ample cash to cover it.

First on his list is Diebold ( DBD - Get Report). The company has raised its dividend 55 consecutive years which is unprecedented. It makes ATM and voting machines and can cover its dividend 2.5 times with its annual earnings making this company a safe payout.

Winner or Loser?

Diebold did not disappoint. The company raised its quarterly dividend to 26 cents a share giving it a 4.6% yield. Its fourth quarter results were mixed with EPS in line with estimates but with revenue falling 6%. But nevertheless, Diebold can still cover its dividend 2.1 times with expected 2009 earnings. Some analyst say the company's 2009 revenue guidance shows a lack of visibility and there is a concern over product demand. Shares are down about 20% year-to-date

Next is manufacturing company, Dover ( DOV - Get Report) which has also raised its dividend 53 consecutive years. The company uses 27% of its earnings to cover its dividend so even if earnings were cut in half during this recession it could still cover its payout. Peltier is also a fan of Dover's A-rated balance sheet.

Winner or Loser?

Dover reported a mixed fourth quarter. Profit fell 35% but its EPS was better than expected. The company is extremely pessimistic for 2009, but still increased its dividend. Dover implemented restructuring measures in 2008 which could save it $50 million in 2009. Management says it will take any steps needed to combat the macro environment and protect margins. Its energy business continues to see some strength while demand in other areas is slowing. Dover hasn't raised its dividend yet this year, but it is on track to do so in the summer.

Last up is Masco ( MAS - Get Report). Peltier ordered investors to stay away. The company has raised its dividend for 50 consecutive years but doesn't have the cash to cover it. The company makes kitchen cabinets and faucets and is a direct correlation to bad new housing starts. Peltier thinks this 9% dividend is too good to be true. Masco won't make enough in 2009. Stay away.

Winner or Loser?

Masco's dividend got the boot, reduced by 68 % in February. Fourth quarter results were just horrible and cutting the dividend was a desperate effort to preserve cash. Current 2009 EPS estimates range between breakeven and a 30 cent loss. UBS ( UBS - Get Report) lowered its estimates through 2010 and slashed its price target to $8. Stock is down 65% year-to-date.

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Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.