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

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price traded up 2% during mid-day trading on Wednesday . The company traded as high as $121.23 and last traded at $120.10. 2,847,811 shares changed hands during trading, a decline of 37% from the average session volume of 4,513,719 shares. The stock had previously closed at $117.79.

Analyst Ratings Changes

CCJ has been the topic of several research analyst reports. Weiss Ratings upgraded Cameco from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Glj Research restated a “buy” rating and set a $171.20 price objective (up from $100.00) on shares of Cameco in a research report on Wednesday, February 18th. Zacks Research downgraded Cameco from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 18th. Royal Bank Of Canada increased their price target on shares of Cameco from $150.00 to $160.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 17th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Cameco in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $143.03.

Cameco Stock Down 3.9%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.68 and a current ratio of 2.47. The stock has a market cap of $47.81 billion, a P/E ratio of 113.16 and a beta of 0.98. The firm’s 50-day moving average is $114.03 and its two-hundred day moving average is $95.95.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data on Friday, February 13th. The basic materials company reported $0.36 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $782.13 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. On average, equities research analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current year.

Hedge Funds Weigh In On Cameco

A number of hedge funds and other institutional investors have recently bought and sold shares of CCJ. Norges Bank acquired a new position in Cameco in the 4th quarter valued at $443,265,000. TD Asset Management Inc raised its stake 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 worth $388,068,000 after acquiring an additional 2,489,207 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Cameco by 41.4% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,076,815 shares of the basic materials company’s stock valued at $524,988,000 after purchasing an additional 2,071,373 shares during the last quarter. Marshall Wace LLP raised its position in Cameco by 7,481.3% in 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 during the last quarter. Finally, Van ECK Associates Corp raised its holdings in Cameco by 43.3% in the 3rd quarter. Van ECK Associates Corp now owns 5,443,807 shares of the basic materials company’s stock valued at $456,530,000 after buying an additional 1,644,061 shares during the last quarter. Institutional investors own 70.21% of the company’s stock.

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.