| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 310 | $42.37 | $13,135 | 0.54% | $30.84 | $3,573 | +37.4% | — |
In short: The third name in the same clause — "the largest U.S. natural gas producers, like Expand Energy, Range Resources, and EOG" — cited as a casualty of the investor "apathy (bordering on antipathy)" that has valued gas "as little more than a scarcely used bridge to nowhere" despite it being "America's #1 source of electricity generation." Same reading as EXE: the depressed share performance is attributed to sentiment and a subdued real price (18th percentile since 2010) rather than to the business, which keeps Haymaker's standing "dirt cheap" Appalachian-gas posture intact. Same two qualifiers: no rating, price or portfolio action is attached, and as a pure Appalachian producer Range does not receive the Permian takeaway earnings kicker that is the post's specific, datable catalyst — it is levered to the demand and sentiment arguments only.
Range Resources is one of the original Marcellus shale producers in Pennsylvania — a pure Appalachian gas company, and one of the cheapest of the large US gas names on earnings, which is why Hay has carried it as "dirt cheap" since June.
It appears here in the same breath as Expand Energy: one of the big gas producers whose share performance has been "obviously inhibited" by investors treating natural gas as a fuel on its way out. Hay's argument is that this is backwards. Gas is the single biggest source of American electricity at 43% of the total, nearly double all renewables put together, and the enormous data centres being built cannot depend on daylight and wind. He describes the market's attitude as "apathy (bordering on antipathy)" and says the fuel is being valued "as little more than a scarcely used bridge to nowhere."
As with Expand: this is a reiteration of a standing bullish view, not a rated call — no price, target or portfolio action is given — and the piece's concrete catalyst, the new Permian pipelines, does not apply to Range, which produces nowhere near west Texas. Range benefits only if the demand argument and the sentiment turn come through.
In short: "Highest-quality upstream company in Appalachia" — significant room to grow production and materially grow returns to investors; a mature-portfolio producer positioned for the gas squeeze.
Range Resources is what Smith calls the highest-quality gas producer in Appalachia (the Marcellus/Utica region). It has plenty of room to grow how much it produces and to return more cash to shareholders.
Like Expand, it's a high-quality, long-life gas company that should benefit directly as gas prices climb into the deficit he forecasts — a straightforward "own the best producers" call.
26:01you to be the case. Even though we think modeling the facts gets you to a much higher gas price, the stock has dropped. The assets have not changed. It has some of the highest quality rock in the country. Highest quality upstream company in Appalachia is probably Range. Range has significant room to grow production and materially grow returns to investors.
In short: Energy pick (natural-gas-tracking) — likes the chart and valuation; his preferred end of the energy trade, as he stays "more bullish on natural gas than oil" long term. Multiples "extremely undemanding."
Range Resources is a natural-gas producer, so its stock tracks gas prices rather than oil. It's Haymaker's preferred corner of the energy trade because he's even more bullish on natural gas than on oil over the long run (gas demand from data centers, exports and electricity keeps growing). Same reasoning as the others: a cheap valuation he expects to rise as the market warms to energy.
In short: Named with Antero ("AR, the Range Resources") as the US natural-gas FCF names that benefit from the war and the data-center power build.
Range Resources is another US natural-gas name he lists with Antero. Same logic: low-cost American gas, strong cash flow, and a structural bid from the AI-power buildout plus a war that makes North-American supply safer than Middle-East supply.
31:11That's where the Anteros in the United States, AR, the Range Resources. That to me is the best AI play out there. And it's a play on the war. Before we get into the mailbag, there's two sectors. Actually, it's one sector, but on both sides of the border. Because of your Lehman background, I know you look at the financials as well. And U.S. banks, the U.S. Bank Index, record high. TSX Bank Index, record high.
In short: "Dirt cheap" gas producer (~9× earnings) breaking out to a new multi-year high.
Range Resources is another US natural-gas producer, and Hay calls it "dirt cheap" at about 9× earnings. Like Expand, its stock recently broke out to a multi-year high — a sign buyers are starting to notice.
The thesis is the same as the gas trade overall: cheap commodity, cheap producer, and powerful new demand from data centers and LNG exports. He thinks investors "can make a lot of money on these."
22:35So very, very reasonably priced. So you're not overpaying like you are for so many other stocks these days. Same thing with uh Range Resources. And by the way, that's also had a breakout recently to a new all-time high or a new I'm sorry, new multi-year high, nine times earnings. That's what the 8.9 shows here.
In short: Previously-endorsed gas name — "pleasing to see" Range Resources also generating a multi-year upside range expansion; despite strong recent performance still well below its all-time high and trading at a thrifty P/E. US/Canadian gas producers "among our strongest, most persistent recommendations."
In short: On his natgas E&P screen — "worth picking through a few others (RRC, EQT… CRK… CNX)." Named as an alternative expression to Antero, no specific stance beyond "there is stuff to look at."
In short: Same nat-gas FCF/buyback profile as Antero — could be a ~15% free-cash-flow yield.
Range is another natural-gas producer with the same profile as Antero — lots of free cash, shrinking debt, buying back stock. He sketches a case where it could throw off roughly a 15% "free-cash-flow yield" (the cash it generates equal to about 15% of the company's value each year — a very high payout).
26:43Why is natural gas the right trade for 2026 despite the short-term collapse? One of the things we look at is free cash flow yield. That's what we see with Antero, which is AR Equity, and Range Resources, RRC. Debt coming down the last three-four years, free cash flow so robust both companies have bought back 5 to 10% of the stock. That's a beast under the market buying the company.
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