By Daily Crux Editor Justin Brill:

Fund manager Mario Gabelli, head of GAMCO Investors, just made a big bet on natural gas through his purchase of utility National Fuel Gas (NFG). Gabelli expects natural gas prices to rise, and thinks NFG is a safe, cheap way to play it.

The company is a true utility and pipeline business - it yields 2.5% and has increased dividends for 39 consecutive years - but it also owns a large amount of property on top of the Marcellus Shale, the massive natural gas field.

Gabelli says the stock's price of $52 gives no value to the Marcellus property...and believes the stock could double from here, even if natural gas prices go nowhere.

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