UPDATE: Jefferies Color On Dominion Resources Target Increase (D)

Jefferies, which raised its PT on shares of Dominion Resources, Inc. (NYSE: D), is providing some color on the stock.

“Dominion Resources 1Q11 operating EPS was $0.93 compared to $0.96 last year, our estimate of $0.90, and consensus of $0.91,” Jefferies writes. “The principal drivers of the quarter over quarter change were lower merchant generation margins, a return to normal weather, higher interest expense and the absence of E&P earnings.

Dominion Resources closed Thursday at $46.33.