Cameco (NYSE:CCJ) Issues Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Cameco reported Q1 EPS of $0.34, beating estimates by $0.05, and revenue of $607.5M (above expectations), which helped the stock jump about 8.1% to $123.73.
• Management says nuclear demand is structural, is progressing on Westinghouse negotiations, and is actively managing supply via inventory and product loans (now over 4 million pounds) while advancing Global Laser Enrichment (TRL 6) to diversify Western fuel supply.
• Analysts have largely turned bullish — consensus is a Moderate Buy with an average target near $153 and firms like Scotiabank raising targets to $175 — but the stock’s high trailing P/E signals valuation risk that could limit near-term upside.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO issued its earnings results on Tuesday. The basic materials company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.05, Zacks reports. Cameco had a return on equity of 9.35% and a net margin of 17.00%.The firm had revenue of $607.49 million for the quarter, compared to analysts' expectations of $598.63 million. During the same quarter last year, the firm earned $0.16 earnings per share. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year.

Here are the key takeaways from Cameco's conference call:

• Cameco says nuclear momentum is structural, with governments focused on execution and AP1000 technology emerging as the deployment-ready benchmark that should drive long-term fuel demand.
• Progress continues on Westinghouse negotiations with the U.S. government (DOC and DOE tracks), with company involvement in supply‑chain standing‑up and the possibility of up to ~20 U.S. reactors being discussed, though definitive agreements are still in progress.
• Q1 results were in line with expectations and the company left its full-year 2026 guidance unchanged; quarter-over‑quarter gains were mainly timing and higher uranium prices rather than a structural change.
• Operations remain on plan—Canadian production tracking to guidance, JV Inkai back to planned production, and a planned extended Q3 Key Lake shutdown to tie in infrastructure; some supply‑chain cost pressures (e.g., acid) are being monitored but not expected to materially impact 2026.
• Cameco is actively managing supply via inventory and product loans (now over 4 million pounds borrowed) and advancing Global Laser Enrichment (at TRL 6) as a potential Western enrichment/conversion source, supporting long‑term supply diversification.

Cameco Stock Up 8.1%

Shares of NYSE CCJ traded up $9.27 during midday trading on Wednesday, reaching $123.73. 3,760,760 shares of the company's stock were exchanged, compared to its average volume of 3,909,235. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.68 and a current ratio of 2.47. The stock has a market capitalization of $53.89 billion, a PE ratio of 127.56, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. Cameco has a 52-week low of $47.87 and a 52-week high of $135.24. The business's fifty day moving average price is $114.81 and its two-hundred day moving average price is $105.52.

Analyst Ratings Changes

A number of research analysts recently weighed in on CCJ shares. Raymond James Financial reiterated an "outperform" rating on shares of Cameco in a report on Wednesday, January 14th. William Blair initiated coverage on Cameco in a research report on Monday, April 20th. They issued an "outperform" rating on the stock. Glj Research restated a "buy" rating and set a $171.20 price objective (up from $100.00) on shares of Cameco in a research note on Wednesday, February 18th. Zacks Research cut Cameco from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, February 18th. Finally, Scotiabank restated an "outperform" rating and set a $175.00 price objective on shares of Cameco in a research note on Wednesday. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $153.13.

Trending Headlines about Cameco

Here are the key news stories impacting Cameco this week:

• Positive Sentiment: Cameco reported Q1 EPS of $0.34 and revenue of $607.5M, both above estimates, with materials and slide-deck details reinforcing operational execution — the core earnings beat is the primary catalyst. Cameco (CCJ) Beats Q1 Earnings and Revenue Estimates
• Positive Sentiment: Scotiabank raised its Cameco price target to $175 and cited accelerating demand for nuclear power—this fresh analyst confidence supports near-term upside. Scotiabank Just Hiked Cameco Price Target to $175
• Positive Sentiment: Stifel Canada reiterated a Buy and kept a C$180 target after the quarter, adding institutional support to the stock’s upward move. Cameco Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$180
• Positive Sentiment: Independent coverage and upgrades (Seeking Alpha pieces) highlight Cameco’s vertical integration, Westinghouse stake and favorable long-term uranium dynamics — reinforcing the bullish investment thesis. Cameco Corporation: Robust Q1 Results And An Attractive Valuation (Rating Upgrade)
• Neutral Sentiment: Cameco reiterated annual guidance (company says results are consistent with expectations); maintaining guidance reduces downside surprises but offers limited new upside. Cameco Reports First Quarter 2026 Results
• Neutral Sentiment: Company released the earnings slide deck and call materials for investors to review underlying metrics and segment performance (useful for due diligence). Cameco Corporation 2026 Q1 - Results - Earnings Call Presentation
• Negative Sentiment: Valuation is extended after recent gains (high trailing P/E), which could limit near-term upside or increase volatility if uranium/contract dynamics disappoint; investors should weigh price versus fundamentals before adding.

Hedge Funds Weigh In On Cameco

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley boosted its stake in Cameco by 7.0% in the fourth quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company's stock valued at $455,468,000 after acquiring an additional 323,693 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Cameco by 7.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,911,918 shares of the basic materials company's stock worth $267,181,000 after purchasing an additional 200,561 shares in the last quarter. Progeny 3 Inc. raised its holdings in Cameco by 5.4% during the second quarter. Progeny 3 Inc. now owns 2,442,732 shares of the basic materials company's stock worth $181,324,000 after purchasing an additional 124,600 shares in the last quarter. Amundi raised its holdings in Cameco by 5.9% during the fourth quarter. Amundi now owns 2,349,070 shares of the basic materials company's stock worth $214,916,000 after purchasing an additional 130,436 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Cameco by 7,481.3% during the fourth quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company's stock worth $160,343,000 after purchasing an additional 1,729,454 shares in the last quarter. 70.21% of the stock is currently owned by institutional investors and hedge funds.

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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