Take a Chance on Chesapeake Energy Stock. It’s a Cheap Way to Play Natural Gas.

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The early 2000s mantra of “drill, baby, drill” was successful in one regard—it flooded the market with energy supply, pushing prices sharply lower. For investors, though, it was a terrible deal. As U.S. shale oil-and-gas producers binged on debt to increase production, their stocks lagged behind. The energy sector essentially sat out the decadelong bull market following the financial crisis.

Now, U.S. energy executives, investors, and analysts are waxing poetic about “Shale 3.0.” The industry’s new era promises less debt,...

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