Cameco (NYSE:CCJ) Stock Price Down 7.7% – Here’s What Happened

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) fell 7.7% on Friday . The stock traded as low as $121.54 and last traded at $123.35. 7,195,217 shares changed hands during trading, an increase of 49% from the average session volume of 4,830,502 shares. The stock had previously closed at $133.67.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CCJ. Scotiabank reiterated an “outperform” rating on shares of Cameco in a research report on Wednesday, October 29th. Glj Research reiterated a “buy” rating and issued a $99.74 target price on shares of Cameco in a report on Wednesday, December 3rd. Royal Bank Of Canada cut their target price on shares of Cameco from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, November 13th. The Goldman Sachs Group lifted their price target on shares of Cameco from $95.00 to $109.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Wall Street Zen cut Cameco from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $121.68.

Cameco Price Performance

The stock has a fifty day moving average price of $100.77 and a 200-day moving average price of $89.24. The company has a market cap of $53.71 billion, a PE ratio of 143.43 and a beta of 1.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.99 and a quick ratio of 1.85.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17). The business had revenue of $313.74 million for the quarter, compared to analysts’ expectations of $531.72 million. Cameco had a net margin of 15.24% and a return on equity of 8.58%. The business’s quarterly revenue was down 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. On average, equities analysts expect that Cameco Corporation will post 1.27 earnings per share for the current year.

Cameco Increases Dividend

The firm also recently announced an annual dividend, which was paid on Tuesday, December 16th. Stockholders of record on Monday, December 1st were issued a $0.24 dividend. The ex-dividend date was Monday, December 1st. This represents a dividend yield of 27.0%. This is a positive change from Cameco’s previous annual dividend of $0.12. Cameco’s dividend payout ratio is currently 19.77%.

Hedge Funds Weigh In On Cameco

A number of hedge funds have recently modified their holdings of CCJ. TD Asset Management Inc increased its position in shares of Cameco by 3.7% during the second quarter. TD Asset Management Inc now owns 2,133,725 shares of the basic materials company’s stock valued at $158,141,000 after purchasing an additional 77,081 shares during the period. Abbington Investment Group acquired a new stake in Cameco during the third quarter worth $6,506,000. Nwam LLC boosted its stake in Cameco by 11.7% during the second quarter. Nwam LLC now owns 81,129 shares of the basic materials company’s stock worth $6,304,000 after buying an additional 8,519 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cameco by 79.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 249,992 shares of the basic materials company’s stock valued at $20,964,000 after buying an additional 110,629 shares during the period. Finally, Total Clarity Wealth Management Inc. acquired a new position in shares of Cameco in the 2nd quarter valued at $281,000. 70.21% of the stock is owned by institutional investors and hedge funds.

Cameco Company Profile

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.