Cameco (NYSE:CCJ) Shares Up 7% – Time to Buy?

Cameco Corporation (NYSE:CCJ) (TSE:CCO)’s share price shot up 7% during mid-day trading on Tuesday . The company traded as high as $114.36 and last traded at $120.5590. 2,657,457 shares changed hands during trading, a decline of 12% from the average session volume of 3,018,333 shares. The stock had previously closed at $112.7140.

Wall Street Analysts Forecast Growth

CCJ has been the topic of a number of research reports. Royal Bank Of Canada increased their price objective on shares of Cameco from $150.00 to $160.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 17th. William Blair assumed coverage on shares of Cameco in a report on Monday, April 20th. They set an “outperform” rating on the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $131.00 price target on shares of Cameco in a research note on Wednesday, February 4th. Zacks Research cut shares of Cameco from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 18th. Finally, TD Securities cut shares of Cameco from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Cameco has an average rating of “Moderate Buy” and an average price target of $148.62.

Cameco Stock Up 7.1%

The firm has a market cap of $52.51 billion, a PE ratio of 111.63, a P/E/G ratio of 1.90 and a beta of 0.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.09 and a current ratio of 3.08. The firm’s 50-day moving average price is $113.12 and its two-hundred day moving average price is $107.90.

Cameco (NYSE:CCJ) (TSE:CCO) last released its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The firm had revenue of $607.49 million during the quarter, compared to the consensus estimate of $598.63 million. During the same quarter in the prior year, the firm earned $0.16 EPS. Cameco’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, equities research analysts expect that Cameco Corporation will post 1.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Cameco

A number of large investors have recently bought and sold shares of CCJ. Norges Bank purchased a new position in Cameco during the 4th quarter worth $443,265,000. TD Asset Management Inc grew its stake in Cameco by 116.7% in the 3rd quarter. TD Asset Management Inc now owns 4,622,932 shares of the basic materials company’s stock valued at $388,068,000 after acquiring an additional 2,489,207 shares during the last quarter. Marshall Wace LLP grew its stake in Cameco by 7,481.3% in the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock valued at $160,343,000 after acquiring an additional 1,729,454 shares during the last quarter. Van ECK Associates Corp grew its stake in Cameco by 43.3% in the 3rd quarter. Van ECK Associates Corp now owns 5,443,807 shares of the basic materials company’s stock valued at $456,530,000 after acquiring an additional 1,644,061 shares during the last quarter. Finally, Mizuho Markets Cayman LP acquired a new stake in shares of Cameco during the 3rd quarter worth about $128,370,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Cameco Company Profile

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.