Elevation Point Wealth Partners LLC Buys New Position in Cameco Corporation $CCJ

Elevation Point Wealth Partners LLC purchased a new position in shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 9,328 shares of the basic materials company’s stock, valued at approximately $950,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Cameco in the 4th quarter valued at $443,265,000. BlackRock Inc. purchased a new position in Cameco during the 2nd quarter worth $381,091,000. William Blair Investment Management LLC acquired a new position in Cameco in the second quarter valued at $189,331,000. Marshall Wace LLP increased its stake 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 period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Cameco in the second quarter valued at about $163,449,000. Institutional investors and hedge funds own 70.21% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on CCJ shares. Wall Street Zen downgraded Cameco from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Truist Financial increased their price target on Cameco from $129.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $135.00 price objective on shares of Cameco in a research report on Monday, June 15th. Scotiabank reissued an “outperform” rating and issued a $175.00 price objective on shares of Cameco in a research note on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Cameco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Fourteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $145.68.

Cameco Stock Down 0.2%

CCJ opened at $102.26 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.10. Cameco Corporation has a 12 month low of $73.20 and a 12 month high of $135.24. The stock has a market capitalization of $44.54 billion, a P/E ratio of 173.32, a P/E/G ratio of 1.75 and a beta of 1.05. The business has a 50 day simple moving average of $96.12 and a 200-day simple moving average of $107.24.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings data 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). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business had revenue of $573.06 million during the quarter, compared to analysts’ expectations of $579.60 million. During the same quarter in the previous year, the company posted $0.71 EPS. The company’s revenue was down 6.8% compared to the same quarter last year. On average, equities analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current fiscal year.

Cameco 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.