NEW YORK ( TheStreet) -- Progress Energy Incorporated (NYSE: PGN) hit a new 52-week high Thursday as it is currently trading at $53.07, above its previous 52-week high of $53.06 with 757,018 shares traded as of 12:30 p.m. ET. Average volume has been 1.9 million shares over the past 30 days.

Progress Energy has a market cap of $15.2 billion and is part of the utilities sector and utilities industry. Shares are up 20.3% year to date as of the close of trading on Wednesday.

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 17.8, below the average utilities industry P/E ratio of 18 and above 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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