Shares of Telstra Corporation Ltd (ASX: TLS) traded for more than $6.70 early in 2015, before slipping below $5 in March this year.

While they have since managed to rebound, trading for almost $5.80 a share, investors will wonder whether this upwards trend can continue. And if it can, are the shares worth buying?

Familiar to most, Telstra Corporation is Australia’s leading telecommunications provider. It enjoys a reliable and growing customer base, largely thanks to the high-quality nature of its mobile network, from which it reaps much of its income as well as strong operating cash flows.

These cash flows also allow Telstra to offer what is widely considered to be one of the best dividends on the ASX. Fully franked, each share comes with a 30.5 cent dividend attached, which equates to a yield of around 5.3%, or 7.6% grossed up.

In an environment where interest rates are sitting at less than 2%, it’s not difficult to see why investors have fallen in love with Telstra’s shares.

Given that an official interest rate hike is considered highly unlikely to occur anytime soon, the hunt for yield will likely continue – particularly if the Reserve Bank of Australia decides to cut interest rates even lower at any of its upcoming meetings.

But Telstra has more going for it than just its dividend. Consumers, businesses and governments around the world are growing increasingly reliant on mobile and data services and Telstra is in a box-seat to benefit, particularly in Australia and in Asia, where it is expanding.

Of course, investors do need to consider Telstra’s size. Boasting a market value in excess of $70.4 billion, Telstra is the fourth largest stock on the ASX which does limit its growth potential somewhat.

Still, the company can generate steady growth and expand into new areas including eHealth and its Asian operations. These could help generate greater income, leading to a steady increase in dividends, over time.

Telstra has had some issues recently which investors also need to consider. To begin with, the strength and reliability of its network has been questioned as a result of numerous outages of late, which could impact customer churn if the issues persist.

There’s also the risk of its products and services becoming redundant to new technologies, and the risk of it losing market share to businesses such as Optus, TPG Telecom Ltd (ASX: TPM) and Vocus Communications Limited (ASX: VOC).

That said, there are risks associated with every share market investment. While Telstra mightn’t be an appropriate stock for investors looking for edge-of-the-seat excitement or incredible growth rates, it could be a nice fit for long-term investors looking to bolster their income streams.

While they mightn’t be a bargain at $5.77, Telstra’s shares do appear to be reasonably priced. It’s impossible to tell where the shares will go in the near-term, but the shares could rise steadily for those investors over the coming years.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.