Cameco Sees Unusually Large Options Volume (NYSE:CCJ)

Key Points

• Unusual options activity was seen in Cameco, with investors buying 28,800 put options on Monday, about 36% above the stock’s average put volume.
• Shares fell sharply, dropping 6.1% to $90.12 amid heavier-than-usual trading volume of 6.23 million shares.
• Cameco recently beat earnings and revenue estimates for the quarter, and analysts still view the stock as a Moderate Buy with a consensus target price of $148.11.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO saw some unusual options trading on Monday. Investors purchased 28,800 put options on the company. This represents an increase of approximately 36% compared to the average volume of 21,232 put options.

Cameco Stock Down 6.1%

Cameco stock traded down $5.87 on Monday, hitting $90.12. 6,231,758 shares of the stock traded hands, compared to its average volume of 3,677,575. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $39.25 billion, a P/E ratio of 83.44, a price-to-earnings-growth ratio of 1.69 and a beta of 1.02. The business's fifty day simple moving average is $106.85 and its 200 day simple moving average is $110.94. Cameco has a 1 year low of $68.96 and a 1 year high of $135.24.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last announced its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.05. The firm had revenue of $607.49 million for the quarter, compared to analysts' expectations of $598.63 million. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The company's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 EPS. As a group, sell-side analysts forecast that Cameco will post 1.2 earnings per share for the current year.

Institutional Investors Weigh In On Cameco

Several hedge funds have recently bought and sold shares of the business. Clearstead Advisors LLC increased its stake in shares of Cameco by 0.8% during the fourth quarter. Clearstead Advisors LLC now owns 10,158 shares of the basic materials company's stock valued at $929,000 after purchasing an additional 85 shares in the last quarter. Legacy Bridge LLC boosted its position in shares of Cameco by 0.9% in the 4th quarter. Legacy Bridge LLC now owns 11,508 shares of the basic materials company's stock worth $1,053,000 after purchasing an additional 100 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of Cameco by 3.1% in the 1st quarter. HB Wealth Management LLC now owns 3,560 shares of the basic materials company's stock worth $387,000 after purchasing an additional 107 shares in the last quarter. Groupama Asset Managment grew its stake in shares of Cameco by 5.9% in the 4th quarter. Groupama Asset Managment now owns 1,928 shares of the basic materials company's stock worth $176,000 after buying an additional 108 shares during the last quarter. Finally, S.A. Mason LLC grew its stake in shares of Cameco by 4.8% in the 4th quarter. S.A. Mason LLC now owns 2,436 shares of the basic materials company's stock worth $223,000 after buying an additional 111 shares during the last quarter. Institutional investors own 70.21% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. TD Securities lowered Cameco from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 26th. Weiss Ratings lowered Cameco from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. William Blair assumed coverage on Cameco in a research note on Monday, April 20th. They set an "outperform" rating on the stock. Sanford C. Bernstein restated an "outperform" rating and set a $135.00 target price on shares of Cameco in a report on Monday, June 15th. Finally, Scotiabank reaffirmed an "outperform" rating and issued a $175.00 price target on shares of Cameco in a research note on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cameco presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.11.

About Cameco

Cameco Corporation NYSE: CCJ is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company's operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

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