Cameco (TSE:CCO) Sets New 12-Month High - Time to Buy?

Key Points

• Cameco reached a new 52-week high of C$130.68, closing at C$130.50 with over 587,000 shares traded, representing a significant price increase from the previous closing of C$121.35.
• Brokerages have upgraded their price targets for Cameco, with Royal Bank of Canada and Scotiabank both revising their objectives to C$110.00, while Bank of America set a target of C$130.00.
• The stock currently has a consensus rating of "Buy" and an average price target of C$113.46, with multiple analysts providing positive ratings amidst a solid market capitalization of C$58.27 billion.

Cameco Co. (TSE:CCO - Get Free Report) NYSE: CCJ reached a new 52-week high during trading on Tuesday . The company traded as high as C$130.68 and last traded at C$130.50, with a volume of 587627 shares traded. The stock had previously closed at C$121.35.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CCO. Royal Bank Of Canada boosted their price objective on shares of Cameco from C$100.00 to C$110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Scotiabank increased their price target on Cameco from C$100.00 to C$110.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Bank of America raised their price objective on Cameco from C$110.00 to C$130.00 in a research note on Friday, August 29th. Stifel Nicolaus upped their target price on Cameco from C$105.00 to C$115.00 in a research report on Tuesday, July 22nd. Finally, Desjardins lifted their price target on shares of Cameco from C$105.00 to C$110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. Based on data from MarketBeat.com, Cameco currently has a consensus rating of "Buy" and an average price target of C$113.46.

Cameco Stock Up 10.3%

The stock has a fifty day moving average price of C$110.67 and a two-hundred day moving average price of C$91.57. The firm has a market capitalization of C$58.27 billion, a P/E ratio of 109.70, a P/E/G ratio of 2.22 and a beta of 1.12. The company has a debt-to-equity ratio of 20.35, a quick ratio of 3.74 and a current ratio of 2.88.

About Cameco

Cameco is one of the world's largest uranium producers. When operating at normal production, the flagship McArthur River mine in Saskatchewan accounts for roughly 50% of output in normal market conditions. Amid years of uranium price weakness, the company has reduced production, instead purchasing from the spot market to meet contracted deliveries.

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