Natural gas is over $5 despite a real glut and weather that isn't generating a lot of use for the stuff. It's not supposed to happen, but it is propelling the most levered player, Chesapeake (CHK), to go higher. Southwest Energy (SWN), Range Resources (RRC) and Cabot Oil & Gas (COG) have all caught bids, too.

Range Resources is another top-notch Marcellus Shale play. This wildcatter, as Cramer calls the companies that drill in hard-to-reach places, gets 86% of its 19.1 trillion cubic feet to 26.1 trillion cubic feet of reserve potential from the Pennsylvania nat-gas depository. Cramer also likes the solid balance sheet, with no debt coming due until 2012, and the possible sale of non-core assets to raise more cash. He thinks RRC “still has room to go much higher.”

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Performance

Range's stock, beaten down in recent months, could climb 30% as natural gas prices rise. And if the company succeeds in the Marcellus Shale, the shares could soar for years.

Mad About Options: Range Resources Flashback: The Mad About Options crew takes a look back at Jim Cramer's comments about Range Resources.
Click here to watch the video.

From a recent Mad Money show:"Give it another day to bounce, then ring the register. They've killed natural gas; it's time to get out."

PE of 62, a PEG of 1.68, and a yield of 0.3%.

"Energy stocks that have gone up the most during the current oil rally will probably get hit the hardest," Bespoke analysts note. With gains of between 120% and 158% since January 2007, stocks like Consol Energy (CNX), National Oilwell Varco (NOV), Range Resources (RRC) and Hess (HES) have milked the most from this oil gush, and might have the most to lose when oil subsides.

Range Resources (RRC) was downgraded to Equal-weight, Morgan Stanley said. $75 price target. Valuation call, as the stock has significantly outperformed its peers over the past year.