NEW YORK ( TheStreet) -- The ex-dividend date for Cleco Corporation (NYSE: CNL) is tomorrow, May 3, 2012. Owners of shares as of market close today will be eligible for a dividend of 31 cents per share. At a price of $40.77 as of 9:30 a.m. ET, the dividend yield is 3.1%.

The average volume for Cleco has been 433,700 shares per day over the past 30 days. Cleco has a market cap of $2.48 billion and is part of the utilities sector and utilities industry. Shares are up 7.6% year to date as of the close of trading on Tuesday.

Cleco Corporation operates as a utility holding company in Louisiana. The company, through its subsidiary, Cleco Power, engages in the generation, transmission, distribution, and sale of electricity to approximately 279,000 customers in 108 communities in central and southeastern Louisiana. The company has a P/E ratio of 12.7, 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, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Cleco Ratings Report.

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