Ninepoint Partners LP Acquires New Position in Cameco Corporation $CCJ

Ninepoint Partners LP bought a new position in Cameco Corporation (NYSE:CCJ) (TSE:CCO) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 353,107 shares of the basic materials company’s stock, valued at approximately $35,967,000. Cameco makes up about 2.7% of Ninepoint Partners LP’s portfolio, making the stock its 6th biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Cameco by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company’s stock worth $1,653,639,000 after purchasing an additional 258,193 shares during the period. Capital World Investors raised its position in shares of Cameco by 0.3% during the 4th quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company’s stock valued at $1,240,047,000 after purchasing an additional 41,430 shares during the period. Van ECK Associates Corp raised its position in shares of Cameco by 15.6% during the 4th quarter. Van ECK Associates Corp now owns 6,292,995 shares of the basic materials company’s stock valued at $575,771,000 after purchasing an additional 849,188 shares during the period. Morgan Stanley lifted its stake in shares of Cameco by 7.0% during the 4th quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company’s stock valued at $455,468,000 after buying an additional 323,693 shares in the last quarter. Finally, Norges Bank bought a new position in Cameco in the 4th quarter worth $443,265,000. Institutional investors own 70.21% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen lowered Cameco from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings downgraded Cameco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada upped their price objective on Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, June 29th. Bank of America decreased their target price on Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $135.00 price target on shares of Cameco in a report on Monday, June 15th. Fourteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.68.

Cameco Trading Down 2.5%

Shares of CCJ stock opened at $95.55 on Friday. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $41.61 billion, a price-to-earnings ratio of 161.95, a price-to-earnings-growth ratio of 1.68 and a beta of 1.05. Cameco Corporation has a 12-month low of $70.47 and a 12-month high of $135.24. The stock’s 50-day moving average price is $96.18 and its 200-day moving average price is $107.53.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its quarterly earnings results on Friday, July 31st. The basic materials company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.13). The firm had revenue of $573.06 million for the quarter, compared to the consensus estimate of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. Cameco’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share. Equities research analysts predict that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Cameco 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.