Cameco (NYSE:CCJ) Stock Price Up 4.5% – Here’s Why

Cameco Corporation (NYSE:CCJ) (TSE:CCO) shares traded up 4.5% during trading on Tuesday . The company traded as high as $88.86 and last traded at $88.6820. 4,944,888 shares were traded during trading, an increase of 33% from the average session volume of 3,717,072 shares. The stock had previously closed at $84.85.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CCJ. TD Securities lowered Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Scotiabank restated an “outperform” rating and set a $175.00 target price on shares of Cameco in a research report on Wednesday, May 6th. Citigroup reaffirmed a “positive” rating on shares of Cameco in a research note on Wednesday, July 15th. Truist Financial assumed coverage on Cameco in a research report on Monday, July 13th. They issued a “buy” rating and a $129.00 price target on the stock. Finally, Barclays dropped their price objective on Cameco from $108.00 to $104.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $146.18.

Cameco Stock Performance

The stock has a market capitalization of $38.62 billion, a price-to-earnings ratio of 82.11, a price-to-earnings-growth ratio of 1.40 and a beta of 1.02. The company has a quick ratio of 2.09, a current ratio of 3.08 and a debt-to-equity ratio of 0.14. The stock’s 50-day simple moving average is $103.12 and its 200 day simple moving average is $110.75.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.05. The company had revenue of $607.49 million during the quarter, compared to analyst estimates of $598.63 million. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The company’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business posted $0.16 earnings per share. Analysts expect that Cameco Corporation will post 1.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cameco

A number of large investors have recently bought and sold shares of the business. Bison Wealth LLC raised its position in Cameco by 16.1% in the 4th quarter. Bison Wealth LLC now owns 21,448 shares of the basic materials company’s stock valued at $1,102,000 after purchasing an additional 2,975 shares during the last quarter. AQR Capital Management LLC boosted its stake in Cameco by 16.6% in the first quarter. AQR Capital Management LLC now owns 9,547 shares of the basic materials company’s stock worth $393,000 after purchasing an additional 1,361 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Cameco by 48.7% during the first quarter. Integrated Wealth Concepts LLC now owns 8,485 shares of the basic materials company’s stock worth $349,000 after purchasing an additional 2,780 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Cameco by 11.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 604,841 shares of the basic materials company’s stock worth $24,895,000 after purchasing an additional 64,512 shares during the last quarter. Finally, NewGen Equity Long Short Fund bought a new stake in shares of Cameco during the second quarter worth $14,252,000. 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.