Cameco (NYSE:CCJ) Downgraded by Zacks Research to Strong Sell

Zacks Research lowered shares of Cameco (NYSE:CCJ) (TSE:CCO) from a hold rating to a strong sell rating in a research report sent to investors on Monday morning,Zacks reports.

Several other research firms have also weighed in on CCJ. Sanford C. Bernstein restated an “outperform” rating and issued a $135.00 target price on shares of Cameco in a report on Monday, June 15th. Jefferies Financial Group started coverage on shares of Cameco in a report on Thursday, September 3rd. They set a “buy” rating and a $138.00 price objective for the company. Truist Financial boosted their target price on shares of Cameco from $129.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada upped their price target on Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, June 29th. Finally, Weiss Ratings lowered shares of Cameco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $148.68.

Cameco Stock Up 6.4%

Cameco stock opened at $93.06 on Monday. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. Cameco has a 1-year low of $77.70 and a 1-year high of $135.24. The firm’s fifty day simple moving average is $94.99 and its 200-day simple moving average is $102.60. The company has a market capitalization of $40.53 billion, a P/E ratio of 157.74, a P/E/G ratio of 1.78 and a beta of 1.17.

Cameco (NYSE:CCJ) (TSE:CCO) last posted its earnings results on Friday, July 31st. The basic materials company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.13). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. During the same period in the previous year, the company earned $0.71 earnings per share. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. Sell-side analysts forecast that Cameco will post 1.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cameco

Hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC bought a new stake in shares of Cameco in the 1st quarter worth about $30,000. Brown Lisle Cummings Inc. increased its holdings in Cameco by 3,200.0% during the 1st quarter. Brown Lisle Cummings Inc. now owns 297 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 288 shares in the last quarter. CX Institutional boosted its stake in Cameco by 2,181.2% in the third quarter. CX Institutional now owns 365 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 349 shares in the last quarter. Copos Capital S.a r.l. acquired a new stake in shares of Cameco in the fourth quarter valued at $35,000. Finally, Western Wealth Management LLC bought a new position in shares of Cameco in the first quarter valued at about $39,000. 70.21% of the stock is owned by institutional investors and hedge funds.

About Cameco

Cameco Corporation is a Canadian uranium company headquartered in Saskatoon, Saskatchewan. It is one of the world’s major suppliers of uranium, producing uranium concentrates used to generate nuclear power. The company’s operations span uranium exploration, mining, milling, refining, conversion and fuel manufacturing.

Cameco operates or has interests in uranium assets in Canada, the United States and Kazakhstan. Its Canadian portfolio includes the McArthur River and Cigar Lake mines and the Key Lake and McClean Lake milling operations in northern Saskatchewan.