Cameco (NYSE:CCJ) Trading Down 1.3% - What's Next?

Key Points

• Cameco Corporation's shares fell 1.3% to $74.58, with trading volume significantly lower at 811,678 shares, compared to an average of 4,765,301 shares.
• Wall Street analysts maintain a consensus rating of "Buy" for Cameco, with an average price target of $82.65, reflecting positive expectations for the company's growth.
• Cameco recently reported quarterly earnings with an EPS of $0.51, exceeding estimates, and a year-over-year revenue increase of 46.7%, though actual revenue was below analyst expectations.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO's share price fell 1.3% during mid-day trading on Friday . The stock traded as low as $73.36 and last traded at $74.58. 811,678 shares changed hands during trading, a decline of 83% from the average session volume of 4,765,301 shares. The stock had previously closed at $75.55.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CCJ. Raymond James Financial reiterated an "outperform" rating on shares of Cameco in a research note on Wednesday, June 18th. Sanford C. Bernstein set a $70.00 target price on Cameco and gave the company an "outperform" rating in a research note on Tuesday, June 10th. UBS Group reaffirmed a "buy" rating on shares of Cameco in a research report on Tuesday, June 10th. Glj Research reaffirmed a "buy" rating and set a $75.27 price target on shares of Cameco in a research report on Thursday, June 12th. Finally, Royal Bank Of Canada boosted their price target on Cameco from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Twelve research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $82.65.

Cameco Stock Performance

The business has a fifty day simple moving average of $73.44 and a two-hundred day simple moving average of $55.82. 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 has a market cap of $32.68 billion, a PE ratio of 86.14 and a beta of 1.06.

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

Hedge Funds Weigh In On Cameco

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Man Group plc grew its position in Cameco by 508.9% during the 2nd quarter. Man Group plc now owns 750,660 shares of the basic materials company's stock worth $55,721,000 after purchasing an additional 627,382 shares during the period. Merewether Investment Management LP grew its position in Cameco by 5.1% during the 2nd quarter. Merewether Investment Management LP now owns 170,554 shares of the basic materials company's stock worth $12,660,000 after purchasing an additional 8,234 shares during the period. Militia Capital Partners LP grew its position in Cameco by 70.4% during the 2nd quarter. Militia Capital Partners LP now owns 11,380 shares of the basic materials company's stock worth $845,000 after purchasing an additional 4,700 shares during the period. Fullerton Fund Management Co Ltd. grew its position in Cameco by 3,586.0% during the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 762,380 shares of the basic materials company's stock worth $56,591,000 after purchasing an additional 741,697 shares during the period. Finally, EP Wealth Advisors LLC grew its position in Cameco by 12.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 9,577 shares of the basic materials company's stock worth $711,000 after purchasing an additional 1,071 shares during the period. Hedge funds and other 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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