When a stock plummets 25% in seven trading sessions, shareholders get nervous. So it’s not surprising that I received several requests to take a look at the dividend safety of propane distributor Ferrellgas Partners (NYSE: FGP).

I gave the limited partnership an “A” rating back in March because of the company’s stellar track record of paying a $0.50 quarterly dividend since 1994 – even when the company did not generate enough distributable cash flow (DCF) to cover the dividend.

While that’s not ideal, the company’s devotion to the dividend suggests that management will find a way to pay shareholders no matter what.

The stock had been slipping lately, but it fell off a cliff after reporting disappointing fiscal first quarter (ending in October) results. Revenue of $471.2 million widely missed the consensus estimate of $552 million. Nevertheless, sales were still up 6.7% over last year.

Investors weren’t soothed by management reaffirming guidance for 2016.

Over the past 12 months, DCF was $189.4 million, more than the $175.5 million that was distributed to shareholders – a distribution coverage ratio of 1.08. In other words, for every $1 in distributions, the company generated $1.08 in DCF.

The most recent quarter wasn’t quite as comforting. The company generated only $11 million in DCF while paying out $51.4 million in distributions. In other words, it didn’t come close to covering its dividend during the quarter.

The results were hurt by some one-time charges and a higher interest expense, both related to acquisitions.

But in September, the distributor of Blue Rhino propane did something unexpected. After 21 years of paying a $0.50 quarterly dividend, despite the soft commodities market, Ferrellgas raised its dividend to $0.5125 per share.

Going forward, Wall Street expects the company to be able to cover its dividend with no problem.

The two analysts that have submitted estimates expect DCF of $2.41 and $2.64 for fiscal 2016, which ends in July. Even if the company misses the lower estimate by $0.10 or even $0.20, DCF will still be ample enough to cover the $2.05 per share annual dividend.

Ferrellgas’ CEO clearly isn’t worried. On Friday, he purchased 20,000 shares at $15.78 in the open market, spending more than $315,000 of his own money.

The recent stock price plunge means Ferrellgas currently yields 13.6%. I am a bit concerned about the most recent quarter’s results. But considering the forecasts for next year and the company’s stellar dividend-paying track record, until I see more evidence that cash flow will not cover the dividend, my “A” rating is intact.

Dividend Safety Rating: A