Cameco (NYSE:CCJ) Shares Up 2% – Time to Buy?

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price shot up 2% during mid-day trading on Friday . The company traded as high as $101.97 and last traded at $100.9430. 2,399,095 shares traded hands during trading, a decline of 36% from the average session volume of 3,770,170 shares. The stock had previously closed at $98.97.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CCJ. Glj Research restated a “buy” rating and set a $171.20 price target (up from $100.00) on shares of Cameco in a research note on Wednesday, February 18th. Barclays initiated coverage on shares of Cameco in a research note on Thursday, May 21st. They issued an “equal weight” rating and a $108.00 price objective on the stock. Scotiabank restated an “outperform” rating and set a $175.00 target price on shares of Cameco in a research report on Wednesday, May 6th. TD Securities lowered shares of Cameco from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Finally, Royal Bank Of Canada increased their price target on Cameco from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 17th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $148.62.

Cameco Stock Performance

The firm’s 50 day moving average is $113.33 and its 200-day moving average is $109.15. The stock has a market capitalization of $43.96 billion, a price-to-earnings ratio of 93.47, a PEG ratio of 1.61 and a beta of 0.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.09 and a current ratio of 3.08.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The company had revenue of $607.49 million during the quarter, compared to analysts’ expectations of $598.63 million. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 earnings per share. Analysts forecast that Cameco Corporation will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of Cameco

A number of institutional investors and hedge funds have recently made changes to their positions in CCJ. Norges Bank acquired a new stake in Cameco in the 4th quarter valued at $443,265,000. TD Asset Management Inc lifted its holdings in Cameco by 116.7% during the third quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock valued at $388,068,000 after purchasing an additional 2,489,207 shares in the last quarter. Marshall Wace LLP lifted its holdings in Cameco by 7,481.3% during the fourth quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock valued at $160,343,000 after purchasing an additional 1,729,454 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Cameco by 43.3% in the third quarter. Van ECK Associates Corp now owns 5,443,807 shares of the basic materials company’s stock valued at $456,530,000 after purchasing an additional 1,644,061 shares during the period. Finally, Mizuho Markets Cayman LP purchased a new stake in shares of Cameco during the third quarter worth about $128,370,000. 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.