It goes without saying that, with civil unrest in the Middle East pressuring oil prices and with the Japan's nuclear power plant accident likely to weigh on both regional and global growth, the investment environment remains challenging.

And that's means it's prudent to consider a dividend play or two, and BP Prudhoe Bay Royalty Trust (BPT), first discussed here on March 26, 2010, at a price of $93.90, fits the bill.

BPT soared to about $131.50 this winter before pulling back to about $115 in the past month -- a gain that would tempt some to take profits. Still, this dividend play extraordinaire is worth retaining, for royalty reasons.

For a dividend play supreme, BP Prudhoe Bay Royalty Trust (BPT), first discussed here on March 26, 2010, at a price of $93.90, certainly is generating an impressive capital gain for investors.

BPT shares have soared to about $126 from $105 in the past three months -- a gain that would tempt some to take profits. Even so, this dividend play extraordinaire is worth retaining, for royalty reasons.

The trust distributes royalties on 16.4% of the first 90,000 barrels per day (bpd) of average daily production per quarter from BP's share of the Prudhoe Bay oil field.

It's not the most politically correct play, but for those seeking dividends first, capital appreciation second, consider BP Prudhoe Bay Royalty Trust (BPT).

The trust distributes royalties on 16.4% of the first 90,000 barrels per day (bpd) of average daily production per quarter from BP Plc.'s (BP) share of the Prudhoe Bay oil field.

The current annual dividend is $8.08 per share, good for an impressive 7.6% yield at the current trust price. BPT fell $1.61 to $105.51 in Thursday afternoon trading.

With the Dow's rally showing signs of 'running on fumes' and with much riding on the status of the U.S. job market, it's understandable that at least some investors are approaching new capital deployment will caution.

And what's a decent play for low-risk investors and others those who are taking a wait-and-see stance toward the broader market? BP Prudhoe Bay Royalty Trust (BPT).

In a normal market, the conventional outlook of investing for capital gains applies. But in a not-so-normal market of today -- a market that moves sideways (or worse) for more than a year -- the conventional strategy is not adequate.

I fully expect the bull market to continue this year after a 10% Dow correction, but for those who hold a different view, here are a few, quality, dividend stocks that also offer modest capital gain potential:

BP Prudhoe Bay Royalty Trust (BPT) -- Recent stock price: $88. Annual dividend: $14.45. Simply, BPT boasts a solid operation.

Cramer on CNBC's MAD MONEY has a telecom pick tonight he says is even better than Level 3 Communications (NASDAQ:LVLT). There is a money-maker, and that is Craig McCaw. He is the head of ClearWire (NASDAQ:CLWR) that is about to come public. If you can't get in on the IPO you can play it in the secondary market.

I have covered this IPO on several occasions. Here is the article with the terms being set this week. On January 30, the filing was revised to show the subscriber rates. Doug has an article showing how much coverage is on this. Cramer likes that Intel Corp. (NASDAQ:INTC) and Motorola (NYSE:MOT) are backing it. At $23 to $25 range given, he said he'd pay $28.00 to $35.00 after the IPO, but only for a portion of it. He would wait for a dip and then buy more.

Cramer also went over his SELL BLOCK. This is where he says to take profits or losses. Here it is: New Century Financial (NYSE:NEW): Cramer was negative on it ahead of earnings. Dividends don't lie, but this one was a lie. Cramer has two more dividends that could be signaling a lie, too, because they are so high they give a warning flag.

BP Prudhoe Bay Royalty (NYSE:BPT) and Frontline Ltd. (NYSE:FRO) are BOTH going into the SELL BLOCK because their dividends are too ridiculously high. BPT is down 18% and the stock and the dividend have to drop. FRO and its 28% yield are misleading because they have to sell off assets to maintain that payment instead of using funds from operations.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.