Cameco (NYSE:CCJ) Stock Price Up 1.2% After Analyst Upgrade

Key Points

• Cameco Corporation stock rose 1.2% following an upgrade from a hold to a buy rating by Wall Street Zen, with the stock closing at $73.78 after reaching a peak of $74.21.
• Several research firms have expressed optimism about Cameco, with a consensus rating of "Buy" and an average price target of $82.65, influenced by various firms issuing buy ratings and price targets exceeding $75.
• In the second quarter, Cameco reported earnings of $0.51 per share, outperforming estimates, with a revenue of $467.72 million, representing a 46.7% year-over-year increase.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO shares were up 1.2% during trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $74.21 and last traded at $73.78. Approximately 840,341 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 4,826,000 shares. The stock had previously closed at $72.93.

Several other research firms have also recently commented on CCJ. Glj Research reaffirmed a "buy" rating and issued a $75.27 price objective on shares of Cameco in a research report on Thursday, June 12th. Desjardins assumed coverage on shares of Cameco in a research report on Friday, April 4th. They issued a "buy" rating on the stock. Raymond James Financial reissued an "outperform" rating on shares of Cameco in a research report on Wednesday, June 18th. Sanford C. Bernstein set a $70.00 price target on shares of Cameco and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Finally, The Goldman Sachs Group boosted their price target on shares of Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. Ten research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $82.65.

Institutional Investors Weigh In On Cameco

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hager Investment Management Services LLC raised its holdings in shares of Cameco by 0.4% in the 2nd quarter. Hager Investment Management Services LLC now owns 30,628 shares of the basic materials company's stock valued at $2,274,000 after purchasing an additional 127 shares during the period. Signaturefd LLC raised its holdings in shares of Cameco by 2.4% in the 2nd quarter. Signaturefd LLC now owns 8,119 shares of the basic materials company's stock valued at $603,000 after purchasing an additional 191 shares during the period. Belpointe Asset Management LLC raised its holdings in shares of Cameco by 1.0% in the 2nd quarter. Belpointe Asset Management LLC now owns 21,858 shares of the basic materials company's stock valued at $1,623,000 after purchasing an additional 206 shares during the period. Country Club Bank raised its holdings in shares of Cameco by 0.5% in the 1st quarter. Country Club Bank now owns 43,553 shares of the basic materials company's stock valued at $1,822,000 after purchasing an additional 224 shares during the period. Finally, Two Sigma Investments LP raised its holdings in shares of Cameco by 0.5% in the 4th quarter. Two Sigma Investments LP now owns 50,438 shares of the basic materials company's stock valued at $2,592,000 after purchasing an additional 238 shares during the period. 70.21% of the stock is owned by institutional investors.

Cameco Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.00 and a current ratio of 2.96. The stock's fifty day moving average price is $70.40 and its 200-day moving average price is $54.41. The company has a market capitalization of $32.16 billion, a P/E ratio of 84.94 and a beta of 1.06.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.22. The firm had revenue of $467.72 million for the quarter, compared to analysts' expectations of $819.79 million. Cameco had a net margin of 14.97% and a return on equity of 8.21%. The business's revenue was up 46.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. As a group, research analysts anticipate that Cameco Corporation will post 1.27 EPS for the current fiscal year.

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.

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