Spectra Energy Corp. (SE), first discussed here on September 28, 2009 at a price of $19.19, appears to have survived its 'June swoon,' and I obviously still like the shares here.

The main reason for the optimism? Spectra's key revenue driver -- natural gas transmission -- has survived the period of sub-par natural gas prices, which will likely firm in late 2010, heading in to 2011. While no one is expecting a surge to $6 per million BTUs (MMBtus) for nat gas anytime soon, the uptrend in prices should propel higher storage and transport revenue, and project expansions should do the same for earnings.

Further, SE's Western Canada Transmission and Processing unit is benefiting from an expansion, and from higher volumes.

A meandering Dow and an uncertain U.S. economic outlook can give any investor a case of the jitters regarding potential equity plays. Therefore, for those investors who require a little more safety, here are a few dividend-oriented stocks, listed from highest to lowest risk:

Spectra Energy (SE). This largely mid-stream natural gas company is still a relative bargain at roughly $22.50 and its $1.00 annual dividend -- a 4.4% yield, gives you a decent yield and the chance for growth, too.

Time to scoop up shares of a somewhat under-the-radar natural gas play: Spectra Energy Corp. (NYSE: SE).

Spectra owns and operates a diversified portfolio of natural gas-related energy assets and is primarily a natural gas midstream company. It operates in three natural gas segments: transmission and storage, distribution, and gathering and processing.

This morning one of the nation's largest electric companies, Duke Energy Corp. (NYSE: DUK), reported its second-quarter earnings, which dropped 17% year over year, but the company was still able to beat analyst estimates.

The reason why the company saw the big drop in earnings for its most recent quarter was its spinoff earlier this year of its natural gas business, now Spectra Energy Corp. (NYSE: SE). Analysts had been expecting the company to show earnings of 20 cents per share, but the actual numbers came in at 23 cents a share, and Wall Street has pushed the stock up 1.7 percent following the news. So far on the day the stock has climbed 43 cents to $18.33.

Yesterday, Spectra announced its second-quarter numbers, which showed earnings of 31 cents per share, under the 32 cents per share that analysts had been expecting for its second-ever quarter as a stand-alone company.

Luckily for Duke, the quarter turned out with revenues climbing by 5 percent to $3.04 billion, up from $2.9 billion during its second quarter in 2006.

All in all, a strong quarter for Duke, and one that is being rewarded nicely in today's market.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.