Cameco (NYSE:CCJ) Shares Down 2.4% - Here's What Happened

Key Points

• Cameco Corporation shares experienced a decline of 2.4% during mid-day trading on Friday, with the stock trading as low as $70.82 and closing at $73.14.
• Despite the recent drop, analysts generally maintain a positive outlook for Cameco, with an average rating of "Buy" and a price target of $82.65.
• Cameco reported a 46.7% increase in quarterly revenue compared to last year, although it fell short of analysts’ expectations, with earnings per share at $0.51 against a consensus estimate of $0.29.

Shares of Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO traded down 2.4% during mid-day trading on Friday . The company traded as low as $70.82 and last traded at $73.14. 2,528,784 shares changed hands during trading, a decline of 48% from the average session volume of 4,827,982 shares. The stock had previously closed at $74.93.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Cameco from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Sanford C. Bernstein set a $70.00 price target on Cameco and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Desjardins initiated coverage on Cameco in a research report on Friday, April 4th. They set a "buy" rating on the stock. Royal Bank Of Canada raised their target price on Cameco from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Scotiabank restated an "outperform" rating on shares of Cameco in a research report on Tuesday, July 8th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cameco has an average rating of "Buy" and an average price target of $82.65.

Cameco Stock Performance

The firm has a 50 day simple moving average of $70.11 and a 200-day simple moving average of $54.18. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.70 and a quick ratio of 1.26. The company has a market cap of $31.58 billion, a price-to-earnings ratio of 181.29 and a beta of 1.03.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.22. The company had revenue of $467.72 million during the quarter, compared to analysts' expectations of $819.79 million. Cameco had a return on equity of 4.47% and a net margin of 7.50%. The firm's quarterly revenue was up 46.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.14 earnings per share. As a group, analysts predict that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Cameco

A number of institutional investors have recently modified their holdings of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Cameco during the 2nd quarter worth $1,510,000. Transcend Capital Advisors LLC purchased a new stake in shares of Cameco in the 2nd quarter valued at about $201,000. Pasadena Private Wealth LLC purchased a new stake in shares of Cameco in the 2nd quarter valued at about $236,000. Ashton Thomas Private Wealth LLC lifted its holdings in shares of Cameco by 4.3% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 12,951 shares of the basic materials company's stock valued at $961,000 after purchasing an additional 528 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new stake in shares of Cameco in the 2nd quarter valued at about $341,000. 70.21% of the stock is owned by institutional investors and hedge funds.

Cameco Company Profile

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.

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