ITC and Progress Energy to Open Near 52-Week Highs

While the Dow, Nasdaq and S&P 500 all fell more than 2% on Friday, utility companies ITC Holdings

and Progress Energy

reached new 52-week highs of $78.89 and $52.42 per share, respectively. Michigan-based

Green Power Express project, a “high-voltage electric highway” to the Midwest, has been discussed as one that could be backed by the Obama administration's infrastructure building initiative. The company operates electricity transmission systems, and it recently raised its dividend. ITC has a market cap of $3.9 billion and was founded in 2001. Its long-term EPS growth forecast is 16.0% and the dividend yield is 1.8%. ITC's PEG ratio is less than the industry average and its operating margins are higher than the industry average. The share price has increased more than 27% since the beginning of the year. The stock has outperformed National Grid

, as well as the broader markets, in that time.

is in the process of merging with Duke Energy

; shareholders of both companies signed off on the merger in August. Progress shut down a coal-fired plant in North Carolina this weekend. Raleigh, N.C.-based Progress has a $15.2 billion market cap and generates and distributes electricity to customers in North Carolina, South Carolina and Florida. The dividend yield is 4.8%. Its P/E and PEG ratios are greater than the industry average, but so is the operating margin. Short interest is 1.5% of the float. The share price has increased more than 23% over the past year and is up about 6% in the past month. Since the beginning of the year, the stock has outperformed Duke Energy and Southern Company

.

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