NEW YORK ( TheStreet) -- The ex-dividend date for Progress Energy Incorporated (NYSE: PGN) is tomorrow, July 7, 2011. Owners of shares as of market close today will be eligible for a dividend of 62 cents per share. At a price of $48.63 as of 9:32 a.m. ET, the dividend yield is 5.1%.

The average volume for Progress Energy has been 1.3 million shares per day over the past 30 days. Progress Energy has a market cap of $14.3 billion and is part of the utilities sector and utilities industry. Shares are up 12.2% year to date as of the close of trading on Tuesday.

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 16.6, below the average utilities industry P/E ratio of 16.8 and below the S&P 500 P/E ratio of 17.7.
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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 reasonable valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full Progress Energy Ratings Report.

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