Micro Cap Utilities Offer Dividends and Stability

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Gas Natural Inc. (EGAS):  Market Cap $85m, PE TTM 12x, Dividend Yield 5.10%

Gas Natural Inc. engages in the distribution and sale of natural gas to residential, commercial, and industrial customers in Montana, Wyoming, North Carolina, and Maine. The company distributes approximately 30 billion cubic feet of natural gas to approximately 63,500 customers through regulated utilities operating in Montana, Wyoming, Maine, North Carolina, Ohio, and Pennsylvania. It also markets approximately 1.3 billion cubic feet of natural gas to commercial and industrial customers in Montana and Wyoming, and manages midstream supply and production assets for transportation customers and utilities. In addition, the company owns a 48% working interest in 160 natural gas producing wells and gas gathering assets. Further, it owns the Shoshone interstate and the Glacier gathering natural gas pipelines located in Montana and Wyoming. The company was formerly known as Energy, Inc. and changed its name to Gas Natural Inc. in July 2010. Gas Natural Inc. was founded in 1909 and is headquartered in Great Falls, Montana.

Delta Natural Gas Co. Inc. (DGAS):  Market Cap $106m, PE TMM 16x, Dividend Yield 4.4%

Delta Natural Gas Company, Inc. distributes or transports natural gas in central and southeastern Kentucky. It operates through two segments, Regulated and Non-Regulated. The Regulated segment sells and distributes natural gas to its retail customers primarily in 23 rural counties. This segment also transports gas to industrial customers on its system who purchase gas in the open market, as well as transports gas on behalf of local producers and other customers not on its distribution system. The Non-Regulated segment purchases natural gas in the open market, primarily from Kentucky producers, and resells this gas to industrial customers on its distribution system and to others not on its system. This segment also produces natural gas that is sold to Delgasco for resale in the open market. The company owns approximately 2,500 miles of natural gas gathering, transmission, distribution, storage, and service lines; and holds leases for the storage of natural gas under 8,000 acres located in Bell County, Kentucky. It serves approximately 37,000 customers. The company was founded in 1949 and is headquartered in Winchester, Kentucky.

Consolidated Water Co. Ltd. (CWCO):  Market Cap $116m, PE TTM 19x, Dividend Yield 3.8%

Consolidated Water Co. Ltd., through its subsidiaries, develops and operates seawater desalination plants and water distribution systems. The company uses reverse osmosis technology to produce fresh water from seawater. It processes and supplies water to end-users, including residential, commercial, and government customers; and distributors and commercial suppliers, which include governments and wholesalers in the Cayman Islands, the British Virgin Islands, Bermuda, Belize, and the Bahamas. As of December 31, 2010, the company operated 15 reverse osmosis desalination plants. It also provides engineering and management services, including designing and constructing desalination plants, and managing and operating desalination plants owned by other companies. The company was founded in 1973 and is based in Grand Cayman, the Cayman Islands.

Artesian Resources Corp. (ARTNA):  Market Cap $131m, PE TTM 18x, Dividend Yield 4.4%

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and engineering services on the Delmarva Peninsula. It distributes and sells water to residential, commercial, industrial, municipal, and utility customers in the states of Delaware, Maryland, and Pennsylvania. The company also offers water for public and private fire protection to customers in its service territories. In addition, it provides contract water and wastewater services, water and sewer service line protection plans, and wastewater management services, as well as design, construction, and engineering services. As of December 31, 2010, the company served approximately 78,400 metered water customers through 1,131 miles of transmission and distribution mains. Artesian Resources Corporation was founded in 1905 and is headquartered in Newark, Delaware.

Pennichuck Corp. (PNNW):  Market Cap $133m, PE TTM 31x, Dividend Yield 2.8%

Pennichuck Corporation, through its subsidiaries, engages in the collection, storage, treatment, and distribution of potable water for domestic, industrial, commercial, and fire protection service markets primarily in New Hampshire. The company also provides non-regulated water management services, including monitoring, maintenance, testing, and compliance reporting services for water systems of various towns, businesses, and residential communities. In addition, Pennichuck Corporation involves in real estate management and commercialization activities. It also has operations in Maine, Massachusetts, and Vermont. The company was founded in 1852 and is headquartered in Merrimack, New Hampshire.

Central Vermont Public Service Corp. (CV):  Market Cap $467m, PE TMM 19x, Dividend Yield 2.6%

Central Vermont Public Service Corporation, together with its subsidiaries, operates as an electric utility company in Vermont, the United States. The company engages in the purchase, production, transmission, distribution, and sale of electricity to residential, commercial, and industrial customers. Its wholly owned plants include 20 hydroelectric generating facilities with an aggregate nameplate capacity of 45.3 megawatts (MW); 2 oil-fired gas turbines with a combined nameplate capacity of 26.5 MW; and 1 diesel peaking unit with a nameplate capacity of 2.4 MW, as well as interests in nuclear facilities. The company also owns, buys, sells, and leases real and personal property, and interests therein related to the utility business; and sells and rents electric water heaters in Vermont and New Hampshire. In addition, it holds joint ownership interests in electric generating and transmission facilities. As of December 31, 2010, the company’s electric transmission and distribution systems consisted of approximately 616 miles of overhead transmission lines, 8,486 miles of overhead distribution lines, and 478 miles of underground distribution lines; and it served approximately 160,000 retail customers in 163 cities and towns in Vermont. The company was founded in 1929 and is headquartered in Rutland, Vermont.

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