Royal Bank Of Canada Forecasts Strong Price Appreciation for Cameco (NYSE:CCJ) Stock

Key Points

• Royal Bank Of Canada raised Cameco's price target from $100.00 to $110.00, suggesting a potential upside of 49.73% from the last closing price.
• Analysts are generally positive on Cameco, with nine "buy" ratings and a consensus price target of $82.65.
• Cameco recently reported an EPS of $0.51 for the quarter, exceeding expectations and showing a 46.7% increase in revenue year-over-year.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO had its price target lifted by equities research analysts at Royal Bank Of Canada from $100.00 to $110.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the basic materials company's stock. Royal Bank Of Canada's target price points to a potential upside of 50.75% from the stock's previous close.

A number of other brokerages have also recently issued reports on CCJ. Desjardins assumed coverage on Cameco in a report on Friday, April 4th. They set a "buy" rating for the company. The Goldman Sachs Group upped their target price on Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Scotiabank restated an "outperform" rating on shares of Cameco in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of Cameco from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Sanford C. Bernstein set a $70.00 price target on shares of Cameco and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Ten analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $82.65.

Cameco Stock Down 2.6%

Shares of CCJ traded down $1.96 during midday trading on Friday, hitting $72.97. The stock had a trading volume of 6,058,073 shares, compared to its average volume of 4,773,212. The company has a 50 day simple moving average of $70.40 and a two-hundred day simple moving average of $54.35. Cameco has a twelve month low of $35.00 and a twelve month high of $80.32. The firm has a market cap of $31.77 billion, a price-to-earnings ratio of 83.87 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.70 and a quick ratio of 1.26.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.22. The business had revenue of $467.72 million for the quarter, compared to the consensus estimate of $819.79 million. Cameco had a return on equity of 8.34% and a net margin of 14.97%. Cameco's quarterly revenue was up 46.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 earnings per share. On average, analysts anticipate that Cameco will post 1.27 EPS for the current year.

Institutional Trading of Cameco

Large investors have recently made changes to their positions in the company. Jennison Associates LLC lifted its position in Cameco by 1.4% in the 2nd quarter. Jennison Associates LLC now owns 616,236 shares of the basic materials company's stock valued at $45,743,000 after acquiring an additional 8,285 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Cameco during the 2nd quarter worth approximately $1,510,000. Transcend Capital Advisors LLC purchased a new stake in shares of Cameco during the 2nd quarter worth approximately $201,000. Pasadena Private Wealth LLC purchased a new stake in shares of Cameco during the 2nd quarter worth approximately $236,000. Finally, Ashton Thomas Private Wealth LLC increased its stake in shares of Cameco by 4.3% during the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 12,951 shares of the basic materials company's stock worth $961,000 after purchasing an additional 528 shares during the last quarter. 70.21% of the stock is currently owned by institutional investors and hedge funds.

About Cameco

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.