Pipeline Profits

Cramer recommended Spectra Energy as his latest play on this "year of natural gas," as he calls it.

Spectra doesn’t drill, it transmits. It has the infrastructure companies like Apache , Anadarko and Chesapeake need to get their product to market. Spectra, spun off from Duke Energy , has 18,000 miles of pipeline, running from the south central U.S. to the Northeast and up to British Columbia.

It’s not the price of natural gas that matters here. Spectra makes its money on the volume of natural-gas throughput. And since 2008 is such a big year, that translates into nice profits for the company, especially with more and more production coming online.

Spectra has a stock buyback worth 3.3% of market cap and a good 3.5% dividend yield. Cramer said he expects that payout to increase yearly going forward. The company should see single-digit growth consistently, too, he said.

The stock’s trading at a discount relative to its peers. If Spectra got a similar price-to-earnings multiple, the share price would go to $32.84, a nice 17% gain.

If the stock doesn’t go up right away, though, at least that dividend is paying you to wait.

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