Cameco (NYSE:CCJ) Trading 2.6% Higher - Should You Buy?

Key Points

• Cameco Corporation's share price increased by 2.6% to $76.52, with trading volume significantly lower than average at 1,409,564 shares.
• The company recently received multiple positive ratings from analysts, with a consensus target price of $82.65 and most ratings being "buy" or "outperform."
• Cameco reported earnings of $0.51 per share for the last quarter, exceeding expectations and marking a 46.7% year-over-year revenue increase despite lower overall revenue compared to estimates.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO's share price traded up 2.6% on Wednesday . The company traded as high as $77.42 and last traded at $76.52. 1,409,564 shares changed hands during trading, a decline of 71% from the average session volume of 4,816,159 shares. The stock had previously closed at $74.59.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. BMO Capital Markets restated an "outperform" rating on shares of Cameco in a research report on Tuesday. Royal Bank Of Canada increased their price target on shares of Cameco from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. UBS Group reissued a "buy" rating on shares of Cameco in a research note on Tuesday, June 10th. Scotiabank reissued an "outperform" rating on shares of Cameco in a research note on Tuesday, July 8th. Finally, TD Securities reissued a "buy" rating on shares of Cameco in a research note on Tuesday. Twelve equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $82.65.

Cameco Stock Up 2.1%

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.96 and a quick ratio of 2.00. The company's 50-day simple moving average is $71.01 and its 200 day simple moving average is $54.72. The firm has a market cap of $33.15 billion, a P/E ratio of 87.46 and a beta of 1.06.

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 for the quarter, beating analysts' consensus estimates of $0.29 by $0.22. Cameco had a net margin of 14.97% and a return on equity of 8.21%. The company had revenue of $467.72 million during the quarter, compared to analyst estimates of $819.79 million. During the same quarter last year, the business posted $0.14 EPS. The firm's revenue for the quarter was up 46.7% on a year-over-year basis. Research analysts anticipate that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Cameco

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCJ. Vanguard Group Inc. increased its position in Cameco by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 17,084,358 shares of the basic materials company's stock valued at $703,295,000 after purchasing an additional 300,088 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Cameco by 1.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,846,044 shares of the basic materials company's stock valued at $865,729,000 after purchasing an additional 190,337 shares during the period. Alliancebernstein L.P. increased its position in Cameco by 39.3% during the 1st quarter. Alliancebernstein L.P. now owns 14,048,244 shares of the basic materials company's stock valued at $578,226,000 after purchasing an additional 3,959,837 shares during the period. AGF Management Ltd. increased its position in Cameco by 19.0% during the 1st quarter. AGF Management Ltd. now owns 4,037,646 shares of the basic materials company's stock valued at $166,206,000 after purchasing an additional 644,413 shares during the period. Finally, William Blair Investment Management LLC increased its position in Cameco by 15.1% during the 2nd quarter. William Blair Investment Management LLC now owns 3,869,291 shares of the basic materials company's stock valued at $287,217,000 after purchasing an additional 506,667 shares during the period. Institutional investors own 70.21% of the company's stock.

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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