Bank of America Cuts Cameco (NYSE:CCJ) Price Target to $140.00

Key Points

• Bank of America trimmed its price target on Cameco from $143 to $140 while keeping a buy rating. The new target still implies about 47.6% upside from the previous close.
• Analyst sentiment on Cameco remains broadly positive, with 12 Buy ratings and 5 Hold ratings overall. MarketBeat’s consensus view is Moderate Buy with a consensus price target of $148.11.
• Cameco recently reported better-than-expected quarterly results, earning $0.34 per share versus estimates of $0.29 and revenue of $607.49 million. Revenue rose 7.1% year over year, and analysts expect $1.21 EPS for the current year.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO had its price target decreased by research analysts at Bank of America from $143.00 to $140.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. Bank of America's target price would suggest a potential upside of 47.58% from the stock's previous close.

A number of other research analysts have also commented on CCJ. TD Securities lowered shares of Cameco from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 26th. Weiss Ratings downgraded shares of Cameco from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 4th. Sanford C. Bernstein reissued an "outperform" rating and set a $135.00 price target on shares of Cameco in a report on Monday, June 15th. Scotiabank restated an "outperform" rating and issued a $175.00 price target on shares of Cameco in a research report on Wednesday, May 6th. Finally, Royal Bank Of Canada upped their price objective on Cameco from $160.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, June 29th. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Cameco currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.11.

Cameco Price Performance

Shares of NYSE CCJ opened at $94.86 on Thursday. 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 has a twelve month low of $68.96 and a twelve month high of $135.24. The stock has a 50 day moving average of $107.62 and a two-hundred day moving average of $110.87. The stock has a market cap of $41.32 billion, a P/E ratio of 87.84, a P/E/G ratio of 1.73 and a beta of 1.02.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating 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 return on equity of 11.05% and a net margin of 18.38%.The company's revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. On average, research analysts forecast that Cameco will post 1.21 earnings per share for the current year.

Institutional Trading of Cameco

Several hedge funds have recently made changes to their positions in CCJ. Legal & General Group Plc grew its holdings in Cameco by 4.6% during the third quarter. Legal & General Group Plc now owns 2,483,216 shares of the basic materials company's stock worth $208,450,000 after acquiring an additional 108,841 shares during the period. SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co purchased a new position in Cameco in the fourth quarter worth $1,974,000. Vanguard Group Inc. lifted its holdings in Cameco by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,059,335 shares of the basic materials company's stock valued at $1,653,639,000 after acquiring an additional 258,193 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cameco by 0.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,973,799 shares of the basic materials company's stock valued at $1,089,080,000 after acquiring an additional 85,762 shares during the period. Finally, Nikulski Financial Inc. acquired a new stake in Cameco in the fourth quarter valued at $930,000. Institutional investors and hedge funds 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.

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