BlackRock Inc. has increased its stake in Dominion Resources Inc. to 6.92% (39.4 million shares), according to a recent filing with the Securities and Exchange Commission (SEC).

Based on Dominion’s closing price Wednesday of $50.08/share, BlackRock’s stake is worth approximately $1.97 billion. The investment management firm had previously reported that it owned 21.1 million Dominion shares.

A second investment management firm, Capital Research Global Investors (CRGI), controls another 32.7 million (5.7%) Dominion shares, according a separate SEC filing. CRGI’s stake is worth approximately $1.64 billion.

Dominion’s portfolio includes 11,000 miles of natural gas transmission, gathering and storage pipeline and 947 Bcf of storage capacity, along with 28,200 MW of electricity generation and 6,300 miles of electric transmission lines.

Last month Dominion reported earnings of $201 million for 4Q2011 (35 cents/share), a decline of nearly 33% from the $298 million (51 cents) made during the same quarter a year ago (see Daily GPI, Jan. 31). Overall profits were dragged down because the generation division made $117 million, down more than 42% from the $203 million the division brought in for 4Q2010. For the full-year Dominion made $1.4 billion ($2.45/share), just about half of the $2.8 billion ($4.76/) it earned in 2010.

BlackRock has a total of $3.51 trillion in assets under management (AUM); the AUM of CRGI’s parent company, Capital Group Cos., is estimated at approximately $1 trillion.

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