Cabot Oil & Gas (NYSE:COG) is one of the top producers of natural gas in the prolific Marcellus shale. COG has been rapidly growing production and this year will likely be free cash flow positive for the first time since 2009. Despite the company's production and reserves growth, a 2-1 stock split in August of last year, and the fundamental strength of its Marcellus operations, the stock is up only ~8% over the past twelve months. Concerns about pipeline takeaway capacity and low realized prices have dominated recent conference call discussions. The obsession by analysts on these short-term issues is a classic case of not seeing the forest for the trees: COG has established itself as a top-tier...
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