Cameco (NYSE:CCJ) Stock Price Down 4.6% Following Analyst Downgrade

Key Points

• Cameco's stock price fell 4.6% to about $82.37 after an analyst downgrade from a buy to a hold rating, marking a significant drop from its previous close of $86.32.
• Despite the downgrade, Cameco retains a consensus rating of "Buy" from analysts, with an average price target of $89.55 and multiple institutions increasing their stakes.
• The company reported $0.51 earnings per share, surpassing estimates but with revenue of $467.72 million, falling short of the $819.79 million expected by analysts.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO's share price fell 4.6% during trading on Tuesday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The stock traded as low as $82.10 and last traded at $82.37. 2,241,091 shares traded hands during trading, a decline of 52% from the average session volume of 4,687,690 shares. The stock had previously closed at $86.32.

Other equities analysts have also issued research reports about the company. National Bankshares reissued an "outperform" rating on shares of Cameco in a research report on Friday, August 22nd. The Goldman Sachs Group boosted their price objective on Cameco from $65.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, June 11th. BMO Capital Markets reiterated an "outperform" rating on shares of Cameco in a research note on Friday, August 29th. CLSA began coverage on Cameco in a research note on Tuesday, September 9th. They set an "outperform" rating and a $102.00 price objective for the company. Finally, Scotiabank reiterated an "outperform" rating on shares of Cameco in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $89.55.

Hedge Funds Weigh In On Cameco

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new stake in Cameco during the second quarter valued at about $341,736,000. Alliancebernstein L.P. raised its stake in shares of Cameco by 39.3% in the first quarter. Alliancebernstein L.P. now owns 14,048,244 shares of the basic materials company's stock worth $578,226,000 after purchasing an additional 3,959,837 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Cameco by 41.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,076,815 shares of the basic materials company's stock worth $524,988,000 after purchasing an additional 2,071,373 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Cameco by 215.7% in the first quarter. Canada Pension Plan Investment Board now owns 2,031,332 shares of the basic materials company's stock worth $83,636,000 after purchasing an additional 1,387,797 shares during the last quarter. Finally, Temasek Holdings Private Ltd purchased a new position in shares of Cameco in the first quarter worth about $55,513,000. Institutional investors own 70.21% of the company's stock.

Cameco Stock Performance

The stock has a market capitalization of $35.53 billion, a PE ratio of 94.65 and a beta of 1.04. The company has a quick ratio of 2.00, a current ratio of 2.96 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average price of $76.43 and a 200-day moving average price of $60.41.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its quarterly earnings data 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 firm had revenue of $467.72 million during the quarter, compared to analysts' expectations of $819.79 million. Cameco had a return on equity of 8.21% and a net margin of 14.97%.The company's revenue for the quarter was up 46.7% compared to the same quarter last year. During the same period last year, the business posted $0.14 earnings per share. Cameco has set its FY 2025 guidance at EPS. Research analysts expect that Cameco Corporation will post 1.27 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.