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Gas Natural (EGAS) is a small-cap gas utility managed not for the enrichment of its shareholders but for the enrichment of its CEO, Richard Osborne. I owned EGAS back when it was known as Energy West but sold mainly because of insider enrichment. Due to a current investigation by the Public Utilities Commission of Ohio and accusations of over-billing customers by the company, share prices have recently plummeted, but are still not cheap enough for me. And probably won't be until there is a management change.

Prior to 2007, EGAS had assets in Montana, Wyoming, North Carolina and Maine. The current CEO was hired in the early 2005 to turn around a faltering local Montana utility, which...

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