Cameco (NYSE:CCJ) Shares Up 4% – Here’s Why

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) shot up 4% on Friday . The stock traded as high as $114.07 and last traded at $113.66. 4,148,993 shares were traded during mid-day trading, a decline of 18% from the average session volume of 5,063,848 shares. The stock had previously closed at $109.28.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CCJ. Glj Research reaffirmed a “buy” rating and issued a $99.74 target price on shares of Cameco in a research note on Wednesday, December 3rd. UBS Group assumed coverage on shares of Cameco in a research report on Monday, November 10th. They issued a “neutral” rating and a $140.00 price objective on the stock. Wall Street Zen lowered shares of Cameco from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Sanford C. Bernstein reissued an “outperform” rating and set a $147.00 target price on shares of Cameco in a research note on Thursday. Finally, Royal Bank Of Canada reduced their price target on shares of Cameco from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, November 13th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $131.39.

Cameco Stock Performance

The business’s 50 day simple moving average is $103.20 and its two-hundred day simple moving average is $90.27. The firm has a market capitalization of $49.49 billion, a P/E ratio of 132.16 and a beta of 0.99. The company has a current ratio of 2.99, a quick ratio of 1.85 and a debt-to-equity ratio of 0.15.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data on Wednesday, November 5th. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.17). Cameco had a net margin of 15.24% and a return on equity of 8.58%. The business had revenue of $313.74 million during the quarter, compared to the consensus estimate of $531.72 million. During the same period last year, the company posted ($0.01) earnings per share. The business’s revenue was down 14.7% compared to the same quarter last year. Sell-side analysts anticipate that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Cameco

Hedge funds have recently added to or reduced their stakes in the stock. Financial Consulate Inc. bought a new stake in shares of Cameco in the third quarter worth $25,000. Nisa Investment Advisors LLC purchased a new position in Cameco in the fourth quarter worth about $25,000. Founders Capital Management bought a new stake in shares of Cameco during the 4th quarter valued at about $27,000. Strategic Advocates LLC bought a new stake in shares of Cameco during the 3rd quarter valued at about $28,000. Finally, Armstrong Advisory Group Inc. increased its position in shares of Cameco by 110.3% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 347 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 182 shares during the last quarter. 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.