It's only February but if you think the wheels may already be coming off of the stock market, you might be looking for some adequate asset protection.

If that sounds familiar, then oil dividend stocks may be right for you.

Now, that’s not to knock the legs out from under the stock market. After all, the Standard & Poor’s 500 Index is up about 100 points for the year, and it’s up about 260 points since the end of November.

But the talk of “recession” and “asset bubbles” hasn’t gone away, and some pretty smart people are saying the U.S. stock market may be getting ready to give back some of those January gains.

Nobody has a crystal ball, and its best to ignore those self-proclaimed experts who say they do.

But luck, as the old saying goes, is the residue of preparation, and there’s nothing wrong with reviewing some good energy industry dividend stocks that tend to stand up taller than other equity investments in a market downturn - - and they are good to have in your portfolio when things are going well.

Of course, that’s where preparation comes in handy. Picking oil dividend stocks isn’t just a matter of opening up your financial trading site and perusing the best dividend yields (although that is a good place to get going).

You’ve got add to the mix some calculations, some guidance, and a sound plan before you invest heavily (or even moderately) in oil and gas dividend stocks.

There is help in that arena. Harry Domash, the founder of the investment web site, Dividend Detective.com, has a highly useful site section called the “Dividend Stock Checklist”.

Domash’s blueprint starts with dividend stocks that possess “minimal risk of dividend cuts and/or other negative events” and a “high probability that the dividends will increase while you own the stock.”

That leads to successful dividend investments in two ways, Domash says. For starters, the yield on your initial investment rises, and that fuels a corresponding rise in share price as the dividend yield rises.

Some other key takeaways on dividend investing from the “Dividend Detective” include:

Aim for stocks that pay a dividend above 3.5% -- Anything less brings with it too much potential risk – with not enough of a return.

Stay away from excessive debt -- Domash says that “cash-strapped firms” lure investors with strong dividends that often mask a high-debt situation. Look to the total debt/equity ratio. Usually, the higher the ratio, the higher the debt (0.0% is best). At the very least, aim for stocks with debt-to-equity ratios below the industry average.

Check the price/cash flow ratio -- Domash calls this the “Cash Generator” rule of thumb. Oil firms generating the most cash flow are the firms able to pay the best -- and safest – dividends.

Pay heed to stock analysts -- Wall Street pays a lot of dough to those Wharton and Harvard Business School grads who really know how to track a stock. Look for firms rated as a ‘strong buy” or at least a “buy” rating. Anything lower and you should just keep looking.

Check the five-year dividend growth rate -- Publicly-traded companies that commit to dividend payouts, and increase those payouts annually, are usually winners in the dividend selection game. Any company that averages less than 5% average annual 5-year dividend growth is usually a higher-risk bet, Domash says.

So, by and large, which oil and gas companies pass the “Domash Test”? Let’s list some of the top contenders:

Martin Midstream Partners -- With a dividend yield of 8.40%, this midstream play is near the top of any oil and gas dividend “gold star” list. The natural gas storage provider isn’t big, at about $780 million in assets, but it packs a powerful dividend punch.

Chesapeake Midstream Partners – This large-cap energy stock passes the “momentum” test – lifting dividend yields for five straight quarters, and surpasses the 5% rate that Domash uses (at 5.10%). The stock has been trading steadily within the $27-to-$30 trading band during the past twelve months.

Crosstex Energy LP -- Here’s another whopper of a dividend yield, at 7.40%. Analysts at Investopedia Markets say any stock price movement above $17.50 “may lead to a break out” for this stock.

Linn Energy -- This independent oil and gas company also has a dividend yield at 7.40%, and is a potential high flyer. The Wall Street analytical firm Five Star Equities says the company is well positioned to leverage the North American oil and as boom. That potentially fits well with the yield-into-higher stock price ratio on Domash’s checklist.

Provident Energy Limited – At a 4.80% dividend yield, PVX falls just short of the 5% level that dividend investors really want to see. But its year-to-date performance, at a $13.19 stock price, is exemplary, and reason to give this Canadian natural gas dividend play a closer look.

There you have it -- a checklist to use when hunting down the best dividend selections, and some leads on oil and gas companies that may offer some potential.

In a sideways market, or worse, you can’t go wrong with some stable dividend-paying stocks in your portfolio. And the oil and gas sector has more than a few that fit the bill.