Uranium Energy (NYSEAMERICAN:UEC) Issues Quarterly Earnings Results

Uranium Energy (NYSEAMERICAN:UEC) released its quarterly earnings results on Tuesday, June 9th. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04), reports.

Here are the key takeaways from Uranium Energy’s conference call:

• Burke Hollow began production on April 8, marking UEC’s largest greenfield ISR uranium project to come online in more than a decade and a key step toward its vertically integrated U.S. fuel-cycle strategy.
• Third-quarter uranium concentrate production was 32,000 pounds at a total cost of $54.61 per pound ($46.69 cash cost), with management saying the higher unit costs were largely temporary due to timing of regulatory approvals and lower volumes.
• Management expects production and unit costs to improve in fiscal Q4 as new header houses at Christensen Ranch and Burke Hollow ramp up, and it said the company is building more of this work in-house to support faster execution.
• The company ended the quarter with $794 million in liquid assets, no debt, and a large uranium inventory, giving it flexibility to remain 100% unhedged and sell opportunistically.
• UEC made progress on its broader growth pipeline, including UR&C moving to a final shortlist of locations for domestic conversion, Roughrider advancing toward a PFS, and the Alto Parana critical minerals project being described as globally significant for titanium and vanadium supply chains.

Uranium Energy Trading Down 5.9%

Shares of NYSEAMERICAN UEC traded down $0.63 during trading hours on Tuesday, reaching $9.96. The stock had a trading volume of 3,398,082 shares, compared to its average volume of 10,337,123. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of -83.04 and a beta of 1.18. The business’s fifty day moving average price is $12.85 and its two-hundred day moving average price is $14.11. Uranium Energy has a 52-week low of $5.90 and a 52-week high of $20.34.

Institutional Trading of Uranium Energy

Hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of Uranium Energy by 11.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 66,352,123 shares of the basic materials company’s stock worth $774,995,000 after purchasing an additional 7,013,279 shares in the last quarter. State Street Corp increased its position in shares of Uranium Energy by 9.5% during the second quarter. State Street Corp now owns 23,046,686 shares of the basic materials company’s stock worth $156,717,000 after purchasing an additional 2,000,516 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Uranium Energy by 10.9% during the second quarter. Ameriprise Financial Inc. now owns 7,379,554 shares of the basic materials company’s stock worth $50,181,000 after purchasing an additional 722,458 shares in the last quarter. Morgan Stanley increased its position in shares of Uranium Energy by 2.3% during the fourth quarter. Morgan Stanley now owns 5,199,199 shares of the basic materials company’s stock worth $60,727,000 after purchasing an additional 119,165 shares in the last quarter. Finally, Caxton Associates LLP increased its position in shares of Uranium Energy by 3.0% during the third quarter. Caxton Associates LLP now owns 4,215,215 shares of the basic materials company’s stock worth $56,231,000 after purchasing an additional 122,157 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on UEC shares. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $16.00 target price on shares of Uranium Energy in a report on Tuesday, June 9th. Roth Capital set a $17.00 target price on Uranium Energy in a report on Wednesday, March 11th. TD Securities reduced their target price on Uranium Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $26.75 target price on shares of Uranium Energy in a report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.41.

Uranium Energy Company 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.