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An integrated gas and electric holding company. The company is engaged in the generation, transmission and distribution of power for sale in Virginia and northeastern North Carolina.
Generally speaking, utilities are over-valued on a relative basis versus the broader equity universe. This is a rotation play as investors seek higher returns in relatively undervalued equities with a potentially superior risk return profile. Although debate may reign with regards to the efficiency of markets, it seems reasonable that investors as a whole will seek to put capital allocated for equities into those segments with lower intrinsic values. Utilities have been a "safe" harbor during the recent economic storm, but soon investors may leave the safe harbor for other destinations.
so assuming that logic is correct, and it makes sense... will this stock not rise back up as the market corrects itself over the next 6 months to year?
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