NEW YORK ( TheStreet) -- Progress Energy (NYSE: PGN) is trading at unusually high volume Monday with 10.3 million shares changing hands. It is currently at 4.1 times its average daily volume and trading up $1.49 (+2.6%) at $59.62 as of 3:55 p.m. ET.

Progress Energy has a market cap of $17.03 billion and is part of the utilities sector and utilities industry. Shares are up 0.5% year to date as of the close of trading on Friday.

Progress Energy, Inc., a utility holding company, 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 32, above the average utilities industry P/E ratio of 31.4 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Progress Energy as a buy. Among the primary strengths of the company is its 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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