NEW YORK ( TheStreet) -- Progress Energy Incorporated (NYSE: PGN) hit a new 52-week high Thursday as it is currently trading at $48.25, above its previous 52-week high of $48.24 with 1.6 million shares traded as of 1:06 p.m. ET. Average volume has been 1.5 million shares over the past 30 days.

Progress Energy has a market cap of $14 billion and is part of the utilities sector and utilities industry. Shares are up 9.4% year to date as of the close of trading on Wednesday.

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 16.3, below the average utilities industry P/E ratio of 16.5 and below the S&P 500 P/E ratio of 17.7.
  • Practice your PGN trading strategies and win cash in our stock game.

TheStreet Ratings rates Progress Energy as a buy. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and solid stock price performance. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated. You can view the full Progress Energy Ratings Report.

See all 52-week high stocks or get investment ideas from our investment research center.