Progress Energy Stock To Go Ex-dividend Tomorrow (PGN)

NEW YORK (TheStreet) -- The ex-dividend date for Progress Energy Incorporated (NYSE:PGN) is tomorrow, December 23, 2011. Owners of shares as of market close today will be eligible for a dividend of 26 cents per share. At a price of $55.29 as of 1:15 p.m. ET, the dividend yield is 1.9%.

The average volume for Progress Energy has been 1.6 million shares per day over the past 30 days. Progress Energy has a market cap of $15.74 billion and is part of the utilities sector and utilities industry. Shares are up 26.5% year to date as of the close of trading on Wednesday.

Progress Energy, Inc., a utility holding company, engages in the generation, transmission, distribution, and sale of electricity in North Carolina, South Carolina, and Florida. It uses coal, oil, hydroelectric, natural gas, and nuclear power to generate electricity. The company has a P/E ratio of 20.6, above the average utilities industry P/E ratio of 20.4 and above the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Progress Energy as a buy. Among the primary strengths of the company is its solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Progress Energy Ratings Report.

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