Norges Bank Purchases New Position in Uranium Energy Corp. $UEC

Norges Bank purchased a new stake in shares of Uranium Energy Corp. (NYSEAMERICAN:UEC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 10,104,378 shares of the basic materials company’s stock, valued at approximately $118,019,000.

Several other hedge funds have also modified their holdings of the company. Independent Wealth Network Inc. raised its holdings in shares of Uranium Energy by 2.0% during the 4th quarter. Independent Wealth Network Inc. now owns 30,514 shares of the basic materials company’s stock worth $356,000 after acquiring an additional 597 shares in the last quarter. Clear Creek Financial Management LLC grew its holdings in shares of Uranium Energy by 2.3% in the fourth quarter. Clear Creek Financial Management LLC now owns 28,949 shares of the basic materials company’s stock valued at $338,000 after purchasing an additional 655 shares in the last quarter. U.S. Capital Wealth Advisors LLC grew its holdings in shares of Uranium Energy by 5.2% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 15,778 shares of the basic materials company’s stock valued at $184,000 after purchasing an additional 778 shares in the last quarter. Heritage Family Offices LLP increased its position in Uranium Energy by 5.2% in the fourth quarter. Heritage Family Offices LLP now owns 15,785 shares of the basic materials company’s stock worth $184,000 after purchasing an additional 785 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in Uranium Energy by 3.1% during the fourth quarter. Farther Finance Advisors LLC now owns 27,170 shares of the basic materials company’s stock valued at $317,000 after purchasing an additional 824 shares in the last quarter. 62.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. TD Securities lowered their price objective on shares of Uranium Energy from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. HC Wainwright restated a “buy” rating and issued a $26.75 target price on shares of Uranium Energy in a report on Wednesday, May 20th. Finally, Roth Mkm set a $17.00 target price on shares of Uranium Energy in a research report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.66.

Uranium Energy Stock Performance

Shares of Uranium Energy stock opened at $14.14 on Friday. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of -117.83 and a beta of 1.12. The stock has a 50 day moving average price of $14.08 and a 200-day moving average price of $14.31. Uranium Energy Corp. has a one year low of $5.90 and a one year high of $20.34.

Uranium Energy (NYSEAMERICAN:UEC) last released its quarterly earnings results on Tuesday, March 10th. The basic materials company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $20.20 million for the quarter, compared to analysts’ expectations of $12.85 million. Sell-side analysts predict that Uranium Energy Corp. will post -0.12 earnings per share for the current fiscal year.

Uranium Energy Profile

Uranium Energy Corp. is a uranium mining and exploration company focused on the development and production of uranium through in-situ recovery (ISR) methods. The company’s core activities include operating ISR projects, advancing exploration properties, and engaging in joint ventures to secure uranium supply for nuclear power generation. Uranium Energy’s approach emphasizes environmentally conscious extraction techniques that minimize land disturbance and water usage compared with conventional mining.

The company’s primary producing asset is the Hobson ISR facility in South Texas, which commenced production to supply uranium concentrate to nuclear utilities.