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Saturday, June 27, 2009

Progress Energry Company (PGN) Declares Dividend for 250th Consecutive Quarter

PGN shares a closed Friday at $37.76 up +0.01.Trading at 1.14 times book value. P/E is 12.38 with a forward P/E of 11.56% We are adding mores shares to holding for at least 24 months. Traded 1.230,000 on Friday last I looked on blackberry(was at work aka the coal mines). Currently pays a $2.48 annual dividend per share, yielding 6.57% !

Back on May 13, the board just declared its 250th consecutive quarter.

Quoting Chairman, President and CEO Bill Johnson.

"Our company has a strong foundation and a bright future," Johnson said. "We have a clear strategic focus on the electric utility industry and we have two strong utilities."

"We have a relentless daily focus on excelling in the fundamentals of our business," Johnson said. "Our employees are collaborating well to control costs and find efficiency improvements. We've had very good success in delivering on our financial commitments, and we're making smart investments in our future."

"Sustainable dividend growth is a financial hallmark of our company, and a reputation we intend to build on,"

"These are challenging times for our economy," Johnson said. "Our nation and industry face some big decisions on energy. But our company has a balanced, flexible plan to prepare us and our customers for a new energy future. I am confident we are on the right track."

The company's two utilities - Progress Energy Carolinas and Progress Energy Florida - provide retail electric service to 3.1 million customers in North Carolina, South Carolina and Florida.

Disclosure I am long PGN shares in my Utlities Folio

Cisco Systems Inc., formerly known as Pure Networks

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