Cameco Sees Unusually High Options Volume (NYSE:CCJ)

Key Points

• Cameco Corporation experienced a significant increase in options trading with 384,705 call options purchased, marking a 1,490% increase from its typical volume.
• Analysts have raised their price target for Cameco shares, with Goldman Sachs setting a new target of $78.00 and a "buy" rating, amidst a consensus rating of "Buy" and a target price of $83.32.
• Cameco reported a 46.7% year-over-year increase in quarterly revenue, achieving $0.51 EPS, surpassing estimates of $0.29.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO was the recipient of some unusual options trading on Thursday. Investors acquired 384,705 call options on the stock. Thisisanincreaseofapproximately1,490% compared to the typical daily volume of 24,198 call options.

Cameco Price Performance

Shares of CCJ stock traded down $1.09 during mid-day trading on Friday, hitting $77.54. 6,982,094 shares of the stock traded hands, compared to its average volume of 3,843,250. Cameco has a twelve month low of $35.00 and a twelve month high of $83.02. The firm has a market cap of $33.76 billion, a price-to-earnings ratio of 89.13 and a beta of 1.06. The company's 50-day simple moving average is $75.22 and its 200-day simple moving average is $57.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.00 and a current ratio of 2.96.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (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 company had revenue of $467.72 million for the quarter, compared to analysts' expectations of $819.79 million. During the same period last year, the firm earned $0.14 EPS. The firm's revenue for the quarter was up 46.7% on a year-over-year basis. Cameco has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Cameco will post 1.27 earnings per share for the current year.

Hedge Funds Weigh In On Cameco

Hedge funds have recently modified their holdings of the stock. Trust Co. of Vermont grew its holdings in shares of Cameco by 1,029.4% in the 2nd quarter. Trust Co. of Vermont now owns 384 shares of the basic materials company's stock worth $29,000 after acquiring an additional 350 shares during the last quarter. Hilltop National Bank acquired a new position in shares of Cameco in the 2nd quarter worth $30,000. Atticus Wealth Management LLC acquired a new position in shares of Cameco in the 2nd quarter worth $34,000. VSM Wealth Advisory LLC acquired a new position in shares of Cameco in the 2nd quarter worth $35,000. Finally, Creative Financial Designs Inc. ADV grew its holdings in shares of Cameco by 936.2% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 487 shares of the basic materials company's stock worth $36,000 after acquiring an additional 440 shares during the last quarter. 70.21% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on CCJ. TD Securities reaffirmed a "buy" rating on shares of Cameco in a research note on Tuesday, August 5th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Cameco in a research note on Tuesday, August 5th. Glj Research reaffirmed a "buy" rating and set a $75.27 target price on shares of Cameco in a research note on Thursday, June 12th. Raymond James Financial reaffirmed an "outperform" rating on shares of Cameco in a research note on Wednesday, June 18th. Finally, UBS Group reaffirmed a "buy" rating on shares of Cameco in a research note on Tuesday, June 10th. Three analysts have rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. According to data from MarketBeat, Cameco currently has an average rating of "Buy" and a consensus target price of $83.32.

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.