The last split was prior to the CPL/FP merger, in 1993 when it was CP&L, and it split at around $55. If PGN gets above $60 or $70 and steadies there, then we can talk about a split.
I'm expecting a $45 - $50 trading range for a while, based on P/E (forward and ttm), at least until hurricane season passes. One or two hurricanes could drop this stock by $5+. With no hurricanes and a hot summer, we could see this rise by $5 by October/November.
Fundamentals are improving, but even in the growth areas PGN serves, growth in earnings will be minimal. I expect PGN will stagnate until some news (or rumors) of a big deal or change causes a move. There really isn't much downside risk, but not much to push it up very far either.