CenturyLink also hasn't finished cutting costs since absorbing Level 3 into its bloodstream in a $34 billion deal that closed in the latter half of 2017. CenturyLink has identified additional synergy savings that will shave an annualized $800 million to $1 billion over the next three years. Income investors have bailed on CenturyLink, but one can reasonably argue that its current payout of 8.2% is a pretty healthy trickle of distributions. The rate should be sustainable for at least the next couple of years -- and possibly longer if CenturyLink can live up to the cost savings or find a way to start growing its revenue again. CenturyLink isn't pretty, but it is a buy at current levels. More From The Motley Fool Rick Munarriz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.