Cameco (NYSE:CCJ) Shares Down 3.8% - What's Next?

Key Points

• Cameco shares fell 3.8% on Thursday, trading as low as $86.44 before last changing hands around $87.50, with volume running about 36% above average.
• Analyst sentiment remains mostly positive, with a consensus rating of “Moderate Buy” and an average price target of $146.18, though Barclays trimmed its target to $104 while RBC raised theirs to $175.
• The company recently beat quarterly earnings expectations, reporting EPS of $0.34 versus $0.29 expected and revenue of $607.49 million, while analysts currently forecast full-year EPS of 1.2.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO's stock price was down 3.8% on Thursday . The company traded as low as $86.44 and last traded at $87.5030. 5,029,372 shares traded hands during mid-day trading, an increase of 36% from the average session volume of 3,692,515 shares. The stock had previously closed at $90.98.

Wall Street Analyst Weigh In

CCJ has been the subject of a number of analyst reports. William Blair initiated coverage on shares of Cameco in a research report on Monday, April 20th. They set an "outperform" rating for the company. Citigroup reaffirmed a "positive" rating on shares of Cameco in a report on Wednesday. Barclays dropped their price target on shares of Cameco from $108.00 to $104.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Royal Bank Of Canada raised their price objective on shares of Cameco from $160.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, June 29th. Finally, Truist Financial assumed coverage on Cameco in a research report on Monday. They set a "buy" rating and a $129.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $146.18.

Cameco Stock Performance

The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $38.11 billion, a price-to-earnings ratio of 81.02, a PEG ratio of 1.61 and a beta of 1.02. The stock's 50 day moving average price is $105.08 and its two-hundred day moving average price is $110.89.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The business had revenue of $607.49 million during the quarter, compared to the consensus estimate of $598.63 million. During the same quarter last year, the firm posted $0.16 EPS. The business's revenue was up 7.1% compared to the same quarter last year. On average, analysts forecast that Cameco Corporation will post 1.2 EPS for the current year.

Institutional Investors Weigh In On Cameco

Hedge funds and other institutional investors have recently modified their holdings of the stock. Clearstead Advisors LLC grew its holdings in Cameco by 0.8% in the fourth quarter. Clearstead Advisors LLC now owns 10,158 shares of the basic materials company's stock valued at $929,000 after purchasing an additional 85 shares during the period. Legacy Bridge LLC raised its stake in Cameco by 0.9% during the fourth quarter. Legacy Bridge LLC now owns 11,508 shares of the basic materials company's stock worth $1,053,000 after purchasing an additional 100 shares during the period. HB Wealth Management LLC boosted its holdings in shares of Cameco by 3.1% in the 1st quarter. HB Wealth Management LLC now owns 3,560 shares of the basic materials company's stock valued at $387,000 after purchasing an additional 107 shares during the last quarter. Groupama Asset Managment grew its stake in shares of Cameco by 5.9% during the 4th quarter. Groupama Asset Managment now owns 1,928 shares of the basic materials company's stock valued at $176,000 after buying an additional 108 shares during the period. Finally, S.A. Mason LLC grew its stake in shares of Cameco by 4.8% during the 4th quarter. S.A. Mason LLC now owns 2,436 shares of the basic materials company's stock valued at $223,000 after buying an additional 111 shares during the period. 70.21% of the stock is currently owned by institutional investors and hedge funds.

About Cameco

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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