Cameco (NYSE:CCJ) Trading Up 3.2% – Here’s Why

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price was up 3.2% during mid-day trading on Thursday . The stock traded as high as $111.32 and last traded at $110.83. Approximately 2,761,025 shares traded hands during trading, a decline of 27% from the average daily volume of 3,770,621 shares. The stock had previously closed at $107.44.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCJ. The Goldman Sachs Group reaffirmed a “buy” rating and set a $131.00 price target on shares of Cameco in a research report on Wednesday, February 4th. Canadian Imperial Bank of Commerce upped their target price on Cameco to $202.00 in a research note on Monday, March 9th. Glj Research restated a “buy” rating and issued a $171.20 target price (up from $100.00) on shares of Cameco in a research note on Wednesday, February 18th. Scotiabank restated an “outperform” rating and issued a $175.00 target price on shares of Cameco in a research note on Wednesday, May 6th. Finally, Zacks Research lowered Cameco from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 18th. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $148.62.

Cameco Price Performance

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 stock has a market capitalization of $48.27 billion, a P/E ratio of 102.62, a price-to-earnings-growth ratio of 1.83 and a beta of 1.04. The firm has a 50-day moving average price of $112.94 and a 200 day moving average price of $107.49.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.29 by $0.05. The firm had revenue of $607.49 million for the quarter, compared to analyst estimates of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The company’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.16 EPS. On average, analysts expect that Cameco Corporation will post 1.32 EPS for the current year.

Hedge Funds Weigh In On Cameco

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Cameco by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company’s stock worth $1,653,639,000 after acquiring an additional 258,193 shares during the last quarter. Capital World Investors grew its position in Cameco by 0.3% during the 4th quarter. Capital World Investors now owns 13,545,354 shares of the basic materials company’s stock worth $1,240,047,000 after acquiring an additional 41,430 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cameco by 0.7% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,973,799 shares of the basic materials company’s stock worth $1,089,080,000 after acquiring an additional 85,762 shares during the last quarter. Van ECK Associates Corp grew its position in 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 worth $575,771,000 after acquiring an additional 849,188 shares during the last quarter. Finally, Morgan Stanley grew its position in Cameco by 7.0% during the 4th quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company’s stock worth $455,468,000 after acquiring an additional 323,693 shares during the last quarter. 70.21% of the stock is currently owned by 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.