Cameco (NYSE:CCJ) Price Target Cut to $89.00 by Analysts at Barclays

Key Points

• Barclays cut Cameco’s price target from $95 to $89 while maintaining an “equal weight” rating, implying 20.25% upside from the prior close.
• Analyst sentiment remains broadly positive: Cameco has a “Moderate Buy” consensus rating, with 12 Buy, four Hold and one Sell recommendation; the consensus price target is $147.38.
• Cameco shares fell to $74.01, near their 52-week low, after the company reported quarterly EPS of $0.13 versus the $0.26 consensus estimate and a 6.8% year-over-year revenue decline.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO had its price target dropped by research analysts at Barclays from $95.00 to $89.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the basic materials company's stock. Barclays's target price indicates a potential upside of 20.25% from the company's previous close.

A number of other research analysts also recently weighed in on the stock. Weiss Ratings raised shares of Cameco from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Truist Financial dropped their price objective on shares of Cameco from $130.00 to $125.00 and set a "buy" rating for the company in a research note on Thursday, October 22nd. Bank of America dropped their price target on Cameco from $143.00 to $140.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Citigroup reiterated a "positive" rating on shares of Cameco in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group initiated coverage on Cameco in a research report on Thursday, September 3rd. They set a "buy" rating and a $138.00 price objective on the stock. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $147.38.

Cameco Price Performance

Shares of CCJ traded down $2.90 on Monday, hitting $74.01. The company's stock had a trading volume of 3,259,040 shares, compared to its average volume of 3,525,746. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.10. The company has a market capitalization of $32.23 billion, a PE ratio of 112.27, a PEG ratio of 1.55 and a beta of 1.19. The company has a 50 day moving average price of $90.63 and a 200 day moving average price of $104.19. Cameco has a fifty-two week low of $73.88 and a fifty-two week high of $135.24.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its quarterly earnings results on Friday, July 31st. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.13). Cameco had a return on equity of 7.04% and a net margin of 11.44%. The company had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. During the same quarter last year, the company earned $0.71 EPS. The firm's quarterly revenue was down 6.8% on a year-over-year basis. On average, research analysts anticipate that Cameco will post 1.08 earnings per share for the current fiscal year.

Institutional Trading of Cameco

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CCJ. Bank of America Corp DE bought a new stake in shares of Cameco during the second quarter valued at approximately $735,498,000. Canada Pension Plan Investment Board bought a new position in shares of Cameco in the 2nd quarter worth $420,346,000. BlackRock Inc. bought a new position in shares of Cameco in the 2nd quarter worth $381,091,000. Cibc World Market Inc. bought a new position in shares of Cameco in the 2nd quarter worth $354,022,000. Finally, Amundi grew its position in Cameco by 13.7% in the 2nd quarter. Amundi now owns 2,992,074 shares of the basic materials company's stock valued at $304,773,000 after purchasing an additional 359,375 shares during the period. 70.21% of the stock is owned by institutional investors.

About Cameco

Cameco Corporation is a Canadian uranium company that explores for, mines, processes and supplies uranium used to generate nuclear power. The company produces uranium concentrates, commonly known as yellowcake, which are sold to nuclear utilities and other customers for conversion into nuclear fuel.

Cameco's principal mining operations are located in northern Saskatchewan, including the McArthur River and Cigar Lake mines. It also operates the Key Lake uranium mill and has interests in uranium assets in Kazakhstan through the Inkai joint venture.

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