NEW YORK (

TheStreet

) --

Progress Energy Incorporated

(NYSE:

PGN

) hit a new 52-week high Friday as it is currently trading at $47.41, above its previous 52-week high of $47.40 with 166,227 shares traded as of 10:12 a.m. ET. Average volume has been 1.5 million shares over the past 30 days.

Progress Energy has a market cap of $13.8 billion and is part of the

utilities

sector and

utilities

industry. Shares are up 8.8% year to date as of the close of trading on Thursday.

TheStreet Recommends

Progress Energy, Inc., an utility holding company, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in North Carolina, South Carolina, and Florida. The company has a P/E ratio of 15.9, equal to the average utilities industry P/E ratio and below the S&P 500 P/E ratio of 17.

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TheStreet Ratings rates Progress Energy as a

buy

. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, reasonable valuation levels and 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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