And while the Obama administration has prodded the gas industry to provide more disclosure about its fracking chemicals, it has indicated its support for Marcellus drilling as a way to boost domestic energy production. And for investors, a growing natural gas industry could prove to be a gusher for their portfolios.

Shareholder activists say they don't want to ruin the party; they're just trying to ensure that it doesn't get out of hand. "Right now, we're not asking companies to stop fracking," Ruoff says. "We want to make sure it's done in a way that minimizes both risks to drinking water and surrounding communities while protecting the companies' bottom lines."

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