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

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price traded up 2% on Friday . The company traded as high as $101.97 and last traded at $100.9430. 2,399,095 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 3,770,170 shares. The stock had previously closed at $98.97.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Barclays initiated coverage on Cameco in a research note on Thursday, May 21st. They set an “equal weight” rating and a $108.00 price objective for the company. Glj Research reaffirmed a “buy” rating and issued a $171.20 price target (up from $100.00) on shares of Cameco in a research note on Wednesday, February 18th. Weiss Ratings lowered Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. TD Securities lowered Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Finally, Canadian Imperial Bank of Commerce lifted their price target on Cameco to $202.00 in a research note on Monday, March 9th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $148.62.

Cameco Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 3.08 and a quick ratio of 2.09. The stock has a 50 day moving average price of $113.33 and a 200-day moving average price of $109.15. The stock has a market capitalization of $43.96 billion, a price-to-earnings ratio of 93.47, a price-to-earnings-growth ratio of 1.61 and a beta of 0.99.

Cameco (NYSE:CCJ) (TSE:CCO) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. On average, analysts forecast that Cameco Corporation will post 1.31 earnings per share for the current year.

Hedge Funds Weigh In On Cameco

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC boosted its stake in Cameco by 0.8% during the fourth quarter. Clearstead Advisors LLC now owns 10,158 shares of the basic materials company’s stock worth $929,000 after buying an additional 85 shares during the last quarter. Legacy Bridge LLC boosted its stake in Cameco by 0.9% during the fourth quarter. Legacy Bridge LLC now owns 11,508 shares of the basic materials company’s stock worth $1,053,000 after buying an additional 100 shares during the last quarter. HB Wealth Management LLC boosted its stake in Cameco by 3.1% during the first quarter. HB Wealth Management LLC now owns 3,560 shares of the basic materials company’s stock worth $387,000 after buying an additional 107 shares during the last quarter. Groupama Asset Managment boosted its stake in Cameco by 5.9% during the fourth quarter. Groupama Asset Managment now owns 1,928 shares of the basic materials company’s stock worth $176,000 after buying an additional 108 shares during the last quarter. Finally, S.A. Mason LLC boosted its stake in Cameco by 4.8% during the fourth quarter. S.A. Mason LLC now owns 2,436 shares of the basic materials company’s stock worth $223,000 after buying an additional 111 shares during the last quarter. Institutional investors and hedge funds own 70.21% of the company’s stock.

Cameco Company 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.