Cameco (NYSE:CCJ) Trading Up 1.6% on Analyst Upgrade

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) were up 1.6% on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The stock traded as high as $93.00 and last traded at $91.6760. Approximately 4,058,588 shares traded hands during mid-day trading, an increase of 10% from the average daily volume of 3,680,489 shares. The stock had previously closed at $90.20.

Several other analysts also recently commented on the stock. Royal Bank Of Canada upped their price target on shares of Cameco from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, June 29th. TD Securities downgraded shares of Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Weiss Ratings lowered Cameco from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Bank of America dropped their price target on Cameco from $143.00 to $140.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $135.00 price objective on shares of Cameco in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $146.18.

Institutional Trading of Cameco

Several hedge funds have recently made changes to their positions in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in shares of Cameco by 6.2% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 6,647 shares of the basic materials company’s stock valued at $677,000 after acquiring an additional 389 shares in the last quarter. Contravisory Investment Management Inc. increased its stake in shares of Cameco by 2,229.3% during the second quarter. Contravisory Investment Management Inc. now owns 71,788 shares of the basic materials company’s stock worth $7,312,000 after acquiring an additional 68,706 shares during the period. Vertrix Wealth Management LLC purchased a new position in Cameco during the second quarter worth about $567,000. Chemistry Wealth Management LLC lifted its position in Cameco by 13.4% in the second quarter. Chemistry Wealth Management LLC now owns 3,402 shares of the basic materials company’s stock valued at $347,000 after purchasing an additional 402 shares during the period. Finally, Hennion & Walsh Asset Management Inc. lifted its position in Cameco by 12.2% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 27,761 shares of the basic materials company’s stock valued at $2,828,000 after purchasing an additional 3,014 shares during the period. Institutional investors and hedge funds own 70.21% of the company’s stock.

Cameco Price Performance

The stock has a fifty day simple moving average of $105.08 and a two-hundred day simple moving average of $110.89. The company has a market cap of $38.23 billion, a PE ratio of 81.27, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14.

Cameco (NYSE:CCJ) (TSE:CCO) last released its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. The company had revenue of $607.49 million for the quarter, compared to analysts’ expectations of $598.63 million. Cameco had a return on equity of 11.05% and a net margin of 18.38%.The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 EPS. On average, equities analysts predict that Cameco Corporation will post 1.2 EPS for the current fiscal year.

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.