Natural gas is the hottest commodity of all right now, nearly doubling in price from the multi-decade lows of late May.

But you wouldn’t know it from looking at the stock charts of the most gas-focused producers.

Only one — Rice Energy (NYSE: RICE) — is up since May 27, helped by its accelerating growth profile and a highly complementary acquisition.

The rest of the Appalachian pack is down since, with our favorite EQT (NYSE: EQT) burrowing 9% lower.

EQT actually topped out on July 1 at nearly $80 a share, up 66% from last December’s lows. The subsequent retreat has now unwound almost half of those gains.

Some of that can probably be explained away as profit-taking after the huge springtime rally. But it’s also conceivable that the recent spike in natural gas prices above $3 per million British thermal units has sparked worries about output gains outside of the Marcellus and the Utica.

Recent advances in horizontal drilling and hydraulic fracturing techniques are at least a potential threat to the lowest-cost producers like EQT and Cabot Oil & Gas (NYSE: COG), to the extent that they help rivals narrow the gap. It’s possible that these Marcellus champions are best off in the long run with prices high but not so high as to set off a gas drilling frenzy in other basins.

These risks are real, but so is that of tailoring one’s narrative to short-term market fluctuations and driving while looking into that rearview mirror. EQT remains the most lucrative Marcellus producer with the strongest balance sheet. It is on pace to deliver production growth of 25% this year and 12-15% in 2017 without dramatically outspending operating cash flow.

It also remains undeservedly discounted relative to the Marcellus competitors that are likely to grow faster next year, even though none of them enjoys the margin of safety that EQT’s finances provide.

When the share price of the best and lowest-cost producer underperforms the sector and rational expectations even as that of its principal product rises dramatically, it’s only natural to start asking questions. But after too much time spent looking for monsters under the bed, I can report that there are none under EQT’s. Rather, there’s opportunity created mostly, I believe, by investors chasing some of the hotter growth stories in natural gas.

We expect them to circle back to EQT, perhaps after the company reports third-quarter results burnished by higher gas prices on Oct. 27. Aggressive recommendation EQT is a Buy below $80.