Stock Traders Purchase High Volume of Put Options on Cameco (NYSE:CCJ)

Key Points

• Cameco Corporation (NYSE: CCJ) experienced a significant spike in options trading, with 28,210 put options traded, marking an increase of approximately 942% compared to its usual volume.
• The company's stock rose 4.8% to $74.83, with a trading volume exceeding 4.5 million shares, reflecting strong investor interest.
• Analysts have a positive outlook on Cameco, with the average price target set at $83.32 and multiple upgrades to "buy" ratings from institutions.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO saw some unusual options trading on Thursday. Stock traders acquired 28,210 put options on the stock. Thisisanincreaseofapproximately942% compared to the typical daily volume of 2,706 put options.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CCJ shares. Glj Research reissued a "buy" rating and issued a $75.27 price objective on shares of Cameco in a research note on Thursday, June 12th. Royal Bank Of Canada upped their price objective on Cameco from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. TD Securities restated a "buy" rating on shares of Cameco in a research report on Tuesday, August 5th. Raymond James Financial reiterated an "outperform" rating on shares of Cameco in a research report on Wednesday, June 18th. Finally, UBS Group reiterated a "buy" rating on shares of Cameco in a research report on Tuesday, June 10th. Three analysts have rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. According to data from MarketBeat.com, Cameco has a consensus rating of "Buy" and a consensus target price of $83.32.

Institutional Trading of Cameco

Several institutional investors and hedge funds have recently bought and sold shares of CCJ. Norges Bank purchased a new stake in Cameco in the second quarter worth about $341,736,000. Alliancebernstein L.P. lifted its holdings in Cameco by 39.3% in the first quarter. Alliancebernstein L.P. now owns 14,048,244 shares of the basic materials company's stock worth $578,226,000 after buying an additional 3,959,837 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Cameco by 41.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,076,815 shares of the basic materials company's stock worth $524,988,000 after buying an additional 2,071,373 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Cameco by 215.7% in the first quarter. Canada Pension Plan Investment Board now owns 2,031,332 shares of the basic materials company's stock worth $83,636,000 after buying an additional 1,387,797 shares during the period. Finally, Temasek Holdings Private Ltd purchased a new position in shares of Cameco during the first quarter valued at approximately $55,513,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Cameco Trading Up 4.8%

Shares of Cameco stock traded up $3.4020 during midday trading on Friday, reaching $74.8320. 4,582,504 shares of the company's stock traded hands, compared to its average volume of 4,189,311. 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 has a 12 month low of $35.00 and a 12 month high of $80.32. The stock has a 50 day moving average of $74.49 and a 200-day moving average of $56.88. The company has a market cap of $32.58 billion, a PE ratio of 86.01 and a beta of 1.06.

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

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.