NEW YORK ( TheStreet) -- The ex-dividend date for Progress Energy Incorporated (NYSE: PGN) is tomorrow, October 6, 2011. Owners of shares as of market close today will be eligible for a dividend of 62 cents per share. At a price of $50.70 as of 9:30 a.m. ET, the dividend yield is 4.9%.

The average volume for Progress Energy has been 1.8 million shares per day over the past 30 days. Progress Energy has a market cap of $14.9 billion and is part of the utilities sector and utilities industry. Shares are up 16.6% year to date as of the close of trading on Tuesday.

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 17.5, below the average utilities industry P/E ratio of 17.7 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 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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