There are many types of stocks, but I like to group them in two categories.

The first group are the flashy, heartburn-inducing stocks. These are the ones that make you grin with excitement as they spike 20%. They’re also the stocks that give you acid reflux when the stock crashes because of a bad quarter.

The other category of stocks are the safe, consistent, dividend-paying stocks that never experience any real spikes, but always seem to pay investors.

BCE Inc. (TSX:BCE)(NYSE:BCE) belongs in the second category of stocks. And, in my opinion, BCE is probably the top company in that category of stocks.

BCE is a telecommunications and media company. However, it started out as a basic wireline telephone company. As technology changed, it started to offer new things such as Internet and Cable TV. But it didn’t stop there. Due to slew of smart acquisitions, the company now owns assets such as sports teams, websites, retail outlets, TV networks, radio stations, and other lucrative investments.

Because of this diversified network of assets, the company is able to generate a significant amount of cash flow. Its second-quarter free cash flow was 8% higher than the previous year’s second quarter. Adjusted net earnings increased by 5% in the same time frame. The company is firing on all cylinders and it is generating cash hand over fist because of it.

You’d think that because of how much money BCE is making, others would try to launch competing companies. That couldn’t be further from the truth. BCE is entrenched in Canada. A competitor would have to spend billions getting its network up and running, and then it would have to operate at a loss to convince customers to try them out. Could it happen? Sure, but Canada is not exactly dying for another telecommunications company.

All of this leads me to the most important point. BCE gives investors a significant amount of money back in dividends. Based on its current price, the company has a dividend yield of 4.78%. That means that it pays investors $0.65 per quarter. That $2.60 a year in dividend allows investors to accrue further shares of the company, thus growing a portfolio of what one financial writer I admire calls “sleep well at night” stocks.

If you want flashy, heartburn-inducing stocks and are good at timing the market, you can make a considerable amount of money on those spikes. However, if you’re looking for a company that will pay you consistently, never miss a dividend, and not do anything to jeopardize your portfolio, BCE Inc. is the stock you want to own.

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Fool contributor Jacob Donnelly has no position in any stocks mentioned.