Progress Energy (PGN) PriceWatch Alert Targets 10.96% Return
Posted: Friday, July 10, 2009 8:07 AM EDT
By: Market Intelligence Center Staff
Progress Energy (NYSE: PGN) closed yesterday at $36.49. So far the stock has hit a 52-week low of $31.35 and 52-week high of $45.60. Progress Energy stock has been showing support around 35.55 and resistance in the 37.43 range. Technical indicators for the stock are Bullish and S&P gives PGN a positive 4 STAR (out of 5) buy rating. PGN appears on the Investors Observer Volume Leaders list. For a hedged play on this stock, look at an Oct '09 35 covered call (PGN JG) for a net debit in the $33.99 area. That is also the break even stock price for this trade. This covered call has a 99 day duration, provides 6.85% downside protection and a 2.97% assigned return rate for a 10.96% annualized return rate (comparison purposes only). Progress Energy has a current annual dividend yield of 6.60%. [For more information on these strategies along with more details on possible risks go to www.iotogo.com/HPWAinfo]
CLICK HERE: FREE Progress Energy (PGN) Stock ReportSee what our analysts have uncovered about Progress Energy (PGN).