Cameco (NYSE:CCJ) Trading Up 1.6% – What’s Next?

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s stock price rose 1.6% during mid-day trading on Tuesday . The stock traded as high as $111.49 and last traded at $108.78. 3,707,648 shares changed hands during trading, a decline of 1% from the average session volume of 3,731,580 shares. The stock had previously closed at $107.07.

Analysts Set New Price Targets

Several analysts have recently commented on the company. William Blair started coverage on Cameco in a research report on Monday, April 20th. They issued an “outperform” rating for the company. Canadian Imperial Bank of Commerce upped their price target on Cameco to $202.00 in a research report on Monday, March 9th. Barclays started coverage on Cameco in a research note on Thursday, May 21st. They issued an “equal weight” rating and a $108.00 price objective for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $135.00 target price on shares of Cameco in a research note on Monday, June 15th. Finally, Weiss Ratings downgraded Cameco from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $147.42.

Cameco Stock Up 1.6%

The business’s 50 day simple moving average is $112.40 and its 200-day simple moving average is $110.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.09 and a current ratio of 3.08. The company has a market cap of $47.38 billion, a price-to-earnings ratio of 100.72, a price-to-earnings-growth ratio of 1.94 and a beta of 0.99.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The business had revenue of $607.49 million for the quarter, compared to the consensus estimate of $598.63 million. During the same period in the prior year, the business posted $0.16 earnings per share. Cameco’s revenue for the quarter was up 7.1% compared to the same quarter last year. Sell-side analysts expect that Cameco Corporation will post 1.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Cameco during the 4th quarter valued at about $443,265,000. TD Asset Management Inc raised its position 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 acquiring an additional 2,489,207 shares in the last quarter. Marshall Wace LLP raised its position 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 acquiring an additional 1,729,454 shares in the last quarter. Van ECK Associates Corp lifted its stake in 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 acquiring an additional 1,644,061 shares during the last quarter. Finally, Mizuho Markets Cayman LP acquired a new stake in Cameco in the third quarter valued at approximately $128,370,000. 70.21% of the stock is owned by institutional investors and hedge funds.

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.