NEW YORK ( TheStreet) -- Cleco Corporation (NYSE: CNL) is trading at unusually high volume Tuesday with 1.5 million shares changing hands. It is currently at 4.1 times its average daily volume and trading up 66 cents (+2.2%) at $31.02 as of 3:01 p.m. ET.

Cleco has a market cap of $2 billion and is part of the utilities sector and utilities industry. Shares are down 1.3% year to date as of the close of trading on Monday.

Cleco Corporation, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Louisiana. The company has a P/E ratio of 11.6, equal to the average utilities industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Cleco as a buy. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income, expanding profit margins, growth in earnings per share and attractive valuation levels. 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 Cleco Ratings Report.

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