Cameco (NYSE:CCJ) Stock Price Up 4.5% - Still a Buy?

Key Points

• Cameco shares rose 4.5% on Tuesday, trading as high as $88.86 on volume that was about 33% above average.
• Analyst sentiment remains broadly positive, with a Moderate Buy consensus and an average price target of $146.18, even though TD Securities recently downgraded the stock to hold.
• The company posted better-than-expected Q1 results, earning $0.34 per share versus $0.29 expected, while revenue also topped estimates at $607.49 million.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO shares rose 4.5% during trading on Tuesday . The stock traded as high as $88.86 and last traded at $88.6820. 4,944,888 shares were traded during mid-day trading, an increase of 33% from the average daily volume of 3,717,072 shares. The stock had previously closed at $84.85.

Analysts Set New Price Targets

CCJ has been the subject of a number of recent analyst reports. TD Securities cut shares of Cameco from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 26th. William Blair started coverage on Cameco in a research note on Monday, April 20th. They issued an "outperform" rating on the stock. Truist Financial initiated coverage on Cameco in a research report on Monday, July 13th. They set a "buy" rating and a $129.00 price objective for the company. Bank of America cut their price objective on Cameco from $143.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Finally, Citigroup restated a "positive" rating on shares of Cameco in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $146.18.

Cameco Stock Performance

The firm's fifty day moving average price is $103.12 and its 200-day moving average price is $110.75. 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 company has a market cap of $38.62 billion, a P/E ratio of 82.11, a P/E/G ratio of 1.40 and a beta of 1.02.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $598.63 million. During the same quarter last year, the company earned $0.16 earnings per share. The firm's revenue was up 7.1% on a year-over-year basis. As a group, research analysts forecast that Cameco Corporation will post 1.29 EPS for the current fiscal year.

Institutional Trading of Cameco

Institutional investors and hedge funds have recently modified their holdings of the company. Bison Wealth LLC increased its holdings in Cameco by 16.1% in the 4th quarter. Bison Wealth LLC now owns 21,448 shares of the basic materials company's stock valued at $1,102,000 after buying an additional 2,975 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Cameco by 16.6% during the 1st quarter. AQR Capital Management LLC now owns 9,547 shares of the basic materials company's stock worth $393,000 after acquiring an additional 1,361 shares during the period. Integrated Wealth Concepts LLC boosted its position in shares of Cameco by 48.7% during the 1st quarter. Integrated Wealth Concepts LLC now owns 8,485 shares of the basic materials company's stock valued at $349,000 after acquiring an additional 2,780 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Cameco by 11.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 604,841 shares of the basic materials company's stock valued at $24,895,000 after acquiring an additional 64,512 shares in the last quarter. Finally, NewGen Equity Long Short Fund acquired a new stake in shares of Cameco during the 2nd quarter valued at about $14,252,000. 70.21% of the stock is currently owned by institutional investors.

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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