Cameco (NYSE:CCJ) Stock Price Up 2.3% – Should You Buy?

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s stock price was up 2.3% during trading on Wednesday . The stock traded as high as $114.46 and last traded at $111.1420. Approximately 2,818,634 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 4,243,956 shares. The stock had previously closed at $108.61.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CCJ shares. Raymond James Financial restated an “outperform” rating on shares of Cameco in a research note on Wednesday, January 14th. The Goldman Sachs Group reiterated a “buy” rating and set a $131.00 target price on shares of Cameco in a report on Wednesday, February 4th. Zacks Research lowered Cameco from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 18th. Glj Research restated a “buy” rating and issued a $171.20 price target (up from $100.00) on shares of Cameco in a report on Wednesday, February 18th. Finally, Canadian Imperial Bank of Commerce lifted their price objective on shares of Cameco to $202.00 in a research note on Monday, March 9th. Twelve research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $150.40.

Cameco Trading Up 2.3%

The business’s 50-day simple moving average is $115.98 and its two-hundred day simple moving average is $100.41. The company has a current ratio of 2.47, a quick ratio of 1.68 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $48.41 billion, a PE ratio of 114.58 and a beta of 0.98.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its earnings results on Friday, February 13th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. Cameco had a return on equity of 9.35% and a net margin of 17.00%.The business had revenue of $874.57 million for the quarter, compared to analyst estimates of $782.13 million. During the same period in the previous year, the company earned $0.36 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, analysts predict that Cameco Corporation will post 1.27 earnings per share for the current year.

Institutional Investors Weigh In On Cameco

Hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Consulate Inc. purchased a new position in shares of Cameco during the 3rd quarter valued at approximately $25,000. Nisa Investment Advisors LLC bought a new stake in shares of Cameco in the fourth quarter worth $25,000. Founders Capital Management bought a new stake in shares of Cameco in the fourth quarter worth $27,000. Strategic Advocates LLC acquired a new stake in Cameco in the third quarter valued at $28,000. Finally, Mcguire Capital Advisors Inc. bought a new position in Cameco during the 4th quarter valued at $28,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

About Cameco

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.