If anyone is looking beyond COG, consider SKE. SKE has a 1.06 PEG ratio compared with COG's 4.02; has had its top insider buy recently; and yesterday announced a significant o/g discovery in the Gulf of Mexico. SKE's executives are in their prime producing years (versus "dormant weight at the top"). SKE's PE ratio is also noticeably less than the S & P 500's.
Perhaps what you say is true (and SKE got a recommendation on the air on Monday), but COG has a lower P/S, far more gas per $equity, and far higher gas as percentage of total fuel value. If you want to buy gas in the ground, you get a lot more bang for your buck with COG.