While short-term prospects for natural-gas producers remain in question, BMO Capital Markets has maintained that companies with strong balance sheets could prosper down the road.

"Some of our outperform stocks -- Range Resources, Southwestern, Ultra Petroleum -- companies that have that lower cost structure, generate higher returns -- we feel that ultimately will be reflected in their valuation," Byrne said.

While no one knows exactly when the business will improve, Goldman Sachs analysts said this week that natural-gas capital budgets are now down nearly 50% from year-ago levels while rig counts have dropped to 900 now from 1,600 over the past summer.

Natural-gas prices may start to climb after natural-gas production peaks by March or April of this year and supplies dwindle if the economy improves.

"While we are not calling a V-shaped bottom in natural gas at present, we believe we are moving closer to a bottom," Goldman analysts said while upgrading Chesapeake Energy and Newfield Exploration to buy from neutral.

"Gas demand remains poor, but we believe it's now improving," Goldman said, amid optimism that stocks now trade "within range of a bottom" even with natural gas selling between $4 and $5 per thousand British thermal units.

So as the natural-gas industry's winter of discontent wraps up, Wall Street finds itself hoping for a thaw in the coming months. No one, of course, can say exactly when that will happen.