Those are Datan integerrima the Walnut Caterpillar Moth larvae.
They usually feed in big clusters, so you can pick them off and destroy them. They can do a lot of damage to the trees in years when their numbers are up. There is a bacterial insecticide that is used to control them around here, in the midwest, Bacillus thuringiensis that works pretty well. You must spray it on the trees while the caterpillars are still actively feeding, as it has no effect on the insects other life stages. It won't harm you or your dog/cat/alligator as it's a naturally occurring bacteria found in rotting wood. Sunlight kills it off after a few days, so you won't be starting a plague, or anything.