Cameco (NYSE:CCJ) Trading Up 1.7% - What's Next?

Key Points

• Cameco's stock rose by 1.7% during mid-day trading, closing at $77.68 after hitting a high of $78.71, despite a significant decrease in trading volume.
• Analysts have increased their price targets for Cameco, with Goldman Sachs raising it from $65.00 to $78.00 and Royal Bank of Canada increasing it to $110.00, reflecting a strong consensus rating of "Buy" among analysts.
• Cameco reported earnings of $0.51 per share, outperforming expectations and showing a 46.7% year-over-year revenue growth, although actual revenue fell short of estimates at $467.72 million.

Shares of Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO were up 1.7% during mid-day trading on Friday . The stock traded as high as $78.71 and last traded at $77.68. Approximately 915,212 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 4,801,788 shares. The stock had previously closed at $76.37.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. The Goldman Sachs Group upped their target price on Cameco from $65.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday, June 11th. Royal Bank Of Canada boosted their target price on shares of Cameco from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Raymond James Financial reiterated an "outperform" rating on shares of Cameco in a research note on Wednesday, June 18th. Scotiabank reaffirmed an "outperform" rating on shares of Cameco in a research note on Tuesday, July 8th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Cameco in a research report on Tuesday. Twelve 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 currently has a consensus rating of "Buy" and a consensus price target of $82.65.

Cameco Trading Up 1.3%

The stock's 50 day moving average price is $71.68 and its 200-day moving average price is $55.04. The company has a quick ratio of 2.00, a current ratio of 2.96 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $33.68 billion, a PE ratio of 88.93 and a beta of 1.06.

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

Institutional Investors Weigh In On Cameco

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Cameco by 1.8% during the first quarter. Vanguard Group Inc. now owns 17,084,358 shares of the basic materials company's stock worth $703,295,000 after buying an additional 300,088 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 worth $865,729,000 after buying an additional 190,337 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Cameco by 39.3% during the 1st quarter. Alliancebernstein L.P. now owns 14,048,244 shares of the basic materials company's stock worth $578,226,000 after purchasing an additional 3,959,837 shares in the last quarter. AGF Management Ltd. raised its holdings in shares of Cameco by 19.0% in the first quarter. AGF Management Ltd. now owns 4,037,646 shares of the basic materials company's stock worth $166,206,000 after acquiring an additional 644,413 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of 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 worth $287,217,000 after purchasing an additional 506,667 shares during the last quarter. 70.21% of the stock is currently owned by institutional investors and hedge funds.

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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