Cameco (NYSE:CCJ) Trading Down 1.4% - Here's What Happened

Key Points

• Cameco Corporation's stock price fell by 1.4%, closing at $74.23 after trading as low as $73.68 with a significant decrease in trading volume.
• Brokerages are optimistic about Cameco, with a consensus rating of "Buy" and an average price target of $82.65; The Goldman Sachs Group recently raised its target price from $65.00 to $78.00.
• The company reported earnings of $0.51 per share for the last quarter, exceeding analysts' expectations, and showing a revenue increase of 46.7% year-over-year, despite a revenue shortfall compared to estimates.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO's stock price traded down 1.4% during trading on Tuesday . The stock traded as low as $73.68 and last traded at $74.23. 1,368,981 shares were traded during mid-day trading, a decline of 72% from the average session volume of 4,819,078 shares. The stock had previously closed at $75.26.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CCJ. Glj Research reissued a "buy" rating and issued a $75.27 price target on shares of Cameco in a report on Thursday, June 12th. Scotiabank restated an "outperform" rating on shares of Cameco in a research report on Tuesday, July 8th. 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. UBS Group reaffirmed a "buy" rating on shares of Cameco in a research note on Tuesday, June 10th. Finally, The Goldman Sachs Group boosted their target price on shares of Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a report on Wednesday, June 11th. Ten equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $82.65.

Cameco Trading Down 1.1%

The company's fifty day moving average price is $70.73 and its 200-day moving average price is $54.58. The stock has a market cap of $32.41 billion, a price-to-earnings ratio of 85.59 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.96 and a quick ratio of 2.00.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $819.79 million. During the same quarter last year, the firm posted $0.14 EPS. The business's revenue was up 46.7% on a year-over-year basis. On average, research analysts expect that Cameco Corporation will post 1.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Cameco

Several institutional investors have recently added to or reduced their stakes in CCJ. O Shaughnessy Asset Management LLC grew its holdings in Cameco by 19.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,781 shares of the basic materials company's stock worth $708,000 after acquiring an additional 2,226 shares during the period. Franklin Resources Inc. lifted its position in shares of Cameco by 37.1% in the fourth quarter. Franklin Resources Inc. now owns 171,612 shares of the basic materials company's stock valued at $8,814,000 after acquiring an additional 46,440 shares in the last quarter. Geode Capital Management LLC increased its stake in Cameco by 31.8% during the fourth quarter. Geode Capital Management LLC now owns 2,518,655 shares of the basic materials company's stock worth $130,550,000 after acquiring an additional 607,041 shares during the last quarter. Trexquant Investment LP acquired a new stake in Cameco during the fourth quarter worth about $822,000. Finally, Arete Wealth Advisors LLC acquired a new stake in shares of Cameco in the fourth quarter valued at about $311,000. 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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