Cameco (NYSE:CCJ) Trading Up 3.1% - Time to Buy?

Key Points

• Cameco Corporation shares rose by 3.1% to $85.64, with trading volume increasing 45% compared to the average daily volume.
• Analysts are bullish on Cameco, with Goldman Sachs raising their target price from $65.00 to $78.00 and other firms issuing "outperform" ratings, suggesting strong future growth for the stock.
• Cameco reported $0.51 EPS for the last quarter, significantly surpassing estimates, and indicated a 46.7% year-over-year revenue increase.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO shares were up 3.1% on Thursday . The company traded as high as $86.46 and last traded at $85.64. Approximately 6,902,449 shares traded hands during trading, an increase of 45% from the average daily volume of 4,761,959 shares. The stock had previously closed at $83.09.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CCJ. The Goldman Sachs Group lifted their target price on shares of Cameco from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, June 11th. Raymond James Financial restated an "outperform" rating on shares of Cameco in a research report on Tuesday, September 2nd. CLSA initiated coverage on Cameco in a research note on Tuesday, September 9th. They set an "outperform" rating and a $102.00 price target for the company. 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. Finally, Scotiabank restated an "outperform" rating on shares of Cameco in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $89.55.

Cameco Stock Performance

The firm has a market cap of $37.29 billion, a price-to-earnings ratio of 98.43 and a beta of 1.04. The stock has a fifty day moving average price of $77.89 and a 200 day moving average price of $62.18. The company has a current ratio of 2.96, a quick ratio of 2.00 and a debt-to-equity ratio of 0.15.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last posted its earnings results 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. Cameco had a return on equity of 8.21% and a net margin of 14.97%.The business had revenue of $467.72 million during the quarter, compared to the consensus estimate of $819.79 million. During the same quarter last year, the company earned $0.14 EPS. Cameco's revenue was up 46.7% on a year-over-year basis. Cameco has set its FY 2025 guidance at EPS. As a group, analysts predict that Cameco Corporation will post 1.27 earnings per share for the current year.

Hedge Funds Weigh In On Cameco

Large investors have recently made changes to their positions in the company. Manchester Capital Management LLC boosted its holdings in shares of Cameco by 100.0% in the 1st quarter. Manchester Capital Management LLC now owns 600 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 300 shares in the last quarter. Dagco Inc. bought a new position in shares of Cameco in the 1st quarter worth about $28,000. SVB Wealth LLC bought a new stake in Cameco in the 1st quarter valued at about $29,000. Trust Co. of Vermont increased its holdings in Cameco by 1,029.4% during the 2nd quarter. Trust Co. of Vermont now owns 384 shares of the basic materials company's stock worth $29,000 after purchasing an additional 350 shares in the last quarter. Finally, Hilltop National Bank purchased a new position in shares of Cameco in the 2nd quarter worth approximately $30,000. 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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