Cameco (NYSE:CCJ) Trading Down 7.2% – What’s Next?

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) were down 7.2% during trading on Wednesday . The stock traded as low as $93.83 and last traded at $94.9390. Approximately 6,915,513 shares traded hands during trading, an increase of 83% from the average daily volume of 3,773,537 shares. The stock had previously closed at $102.27.

Analyst Ratings Changes

Several analysts have recently commented on CCJ shares. Glj Research reaffirmed a “buy” rating and set a $171.20 price target (up from $100.00) on shares of Cameco in a research report on Wednesday, February 18th. Zacks Research lowered shares of Cameco from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 18th. Canadian Imperial Bank of Commerce lifted their price target on shares of Cameco to $202.00 in a research report on Monday, March 9th. Weiss Ratings lowered shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Finally, Royal Bank Of Canada lifted their price target on shares of Cameco from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Tuesday, February 17th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $148.62.

Cameco Trading Down 7.2%

The company’s 50 day simple moving average is $113.68 and its 200 day simple moving average is $108.92. The firm has a market cap of $41.35 billion, a price-to-earnings ratio of 87.91, a P/E/G ratio of 1.79 and a beta of 0.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.08 and a quick ratio of 2.09.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. The business had revenue of $607.49 million during the quarter, compared to the consensus estimate of $598.63 million. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 earnings per share. As a group, research analysts expect that Cameco Corporation will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cameco

Several institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC acquired a new position in shares of Cameco during the fourth quarter worth $25,000. Founders Capital Management acquired a new stake in shares of Cameco during the fourth quarter worth about $27,000. Strategic Advocates LLC acquired a new stake in shares of Cameco during the third quarter worth about $28,000. Mcguire Capital Advisors Inc. purchased a new position in Cameco during the fourth quarter worth about $28,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Cameco by 30,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 308 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 307 shares in the last quarter. Institutional investors and hedge funds own 70.21% of the company’s stock.

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.