Stock Traders Purchase Large Volume of Cameco Put Options (NYSE:CCJ)

Cameco Corporation (NYSE:CCJ) (TSE:CCO) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 34,961 put options on the stock. This represents an increase of 63% compared to the average daily volume of 21,499 put options.

Cameco Price Performance

NYSE:CCJ traded down $2.61 during trading hours on Tuesday, reaching $95.97. 2,584,080 shares of the company were exchanged, compared to its average volume of 3,648,429. 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 firm has a market cap of $41.80 billion, a PE ratio of 162.66, a price-to-earnings-growth ratio of 1.67 and a beta of 1.05. Cameco has a twelve month low of $68.96 and a twelve month high of $135.24. The stock’s 50-day moving average is $96.19 and its 200-day moving average is $107.97.

Cameco (NYSE:CCJ) (TSE:CCO) last announced its earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.13). The company had revenue of $573.06 million during the quarter, compared to analyst estimates of $579.60 million. Cameco had a net margin of 10.20% and a return on equity of 7.59%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.71 EPS. On average, sell-side analysts anticipate that Cameco will post 1.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new stake in Cameco during the 2nd quarter worth approximately $735,498,000. Norges Bank purchased a new position in shares of Cameco in the fourth quarter valued at approximately $443,265,000. Canada Pension Plan Investment Board purchased a new position in shares of Cameco in the second quarter valued at approximately $420,346,000. BlackRock Inc. acquired a new stake in shares of Cameco in the second quarter worth approximately $381,091,000. Finally, Cibc World Market Inc. acquired a new stake in shares of Cameco in the second quarter worth approximately $354,022,000. 70.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CCJ has been the topic of several analyst reports. Royal Bank Of Canada raised their price target on shares of Cameco from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, June 29th. William Blair began coverage on shares of Cameco in a research note on Monday, April 20th. They set an “outperform” rating on the stock. Truist Financial raised their target price on Cameco from $129.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Sanford C. Bernstein restated an “outperform” rating and issued a $135.00 price target on shares of Cameco in a research note on Monday, June 15th. Finally, Weiss Ratings cut Cameco from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Fourteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $145.68.

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.