Dominion Resources, Inc.: NYSE: D--$54.05 rating: buy. (Jefferies).

Publication: Buyside

Publication Date: 01-APR-03

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COPYRIGHT 2003 Adams Business Media

Electric Utilities

Update--February 7, 2003

Company Description:

Dominion Resources operates in three main segments: Dominion Energy, Dominion Exploration and Production (E&P), and Dominion Delivery. Dominion Energy houses the company's 24,000 MW of unregulated generation, 960 billion cubic feet of gas storage and 7,700 miles of natural gas pipeline. Dominion E&P houses the Company's 6.1 trillion cubic feet equivalent of gas reserves and the company's production operations. Dominion Delivery houses the company's regulated businesses which are comprised of 2.2 million electric customers located in Virginia and North Carolina and 1.7 million gas customers in Pennsylvania, West Virginia and Ohio. While the company runs its operations along the three segments discussed above, the company is structured under the following legal entities: Virginia Electric Power Company (VEPCO), Consolidated Natural Gas Company (CNG) and Dominion Energy (DEI).

Investment Thesis:

The Big "D": Above Average Growth Without Above Average Risk

We are maintaining our Buy rating on Dominion Resources and our 2003 and 2004 EPS estimates. Taking our 2004 earnings estimate of $4.95 per share in conjunction...

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