The following video is part of our "Motley Fool Conversations" series, in which analyst John Reeves and advisor David Meier discuss topics around the investing world.

John and Dave are buying shares of established pipeline operator Spectra Energy for their real-money portfolio. Spectra Energy is an important part of the natural gas value chain. It owns and operates more than 19,000 miles of transmission pipeline and more than 39,000 miles of distribution pipeline. It moves natural gas all the way from the supply to the demand in Canada and the United States, helping natural gas E&Ps like Chesapeake Energy or Devon Energy get gas from the source to the user. Spectra plans to invest about $20 billion of capital to meet the growing demand for natural gas, especially from power generation plants. It won't grow at blazing speeds, but the company will earn a stable return on those investments, even in the face of competition from companies like Williams. Spectra's current dividend yield is 3.8%. And as its growth investments payoff over time, its dividend should grow steadily. John and David see Spectra Energy as a nice complement to their investment in solar inverter maker Enphase Energy, providing stability along the way.

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