Scotiabank Has Bullish Forecast for Cameco FY2026 Earnings

Key Points

• Scotiabank raised its FY2026 EPS forecast for Cameco to $0.85 from $0.83, though this remains below the broader consensus estimate of $1.07 per share.
• Cameco’s latest quarterly results fell short of expectations, with EPS of $0.13 versus the $0.26 consensus and revenue down 6.8% year over year to $573.06 million.
• The stock opened at $81.55, down 5.3%, well below its 50-day and 200-day moving averages. Despite the decline, analysts maintain a “Moderate Buy” consensus rating with an average price target of $148.68.

Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO - Stock analysts at Scotiabank raised their FY2026 EPS estimates for Cameco in a research report issued on Tuesday, October 13th. Scotiabank analyst O. Wowkodaw now forecasts that the basic materials company will post earnings per share of $0.85 for the year, up from their previous estimate of $0.83. The consensus estimate for Cameco's current full-year earnings is $1.07 per share.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its quarterly earnings data on Friday, July 31st. The basic materials company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.13). The firm had revenue of $573.06 million for the quarter, compared to analyst estimates of $579.60 million. Cameco had a return on equity of 7.59% and a net margin of 10.20%. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 earnings per share.

CCJ has been the topic of several other reports. Citigroup reissued a "positive" rating on shares of Cameco in a report on Wednesday, July 15th. Royal Bank Of Canada lifted their price target on Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, June 29th. Bank of America decreased their price objective on Cameco from $143.00 to $140.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Jefferies Financial Group began coverage on Cameco in a report on Thursday, September 3rd. They set a "buy" rating and a $138.00 target price for the company. Finally, Barclays reduced their target price on shares of Cameco from $104.00 to $97.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 4th. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $148.68.

Cameco Trading Down 5.3%

Shares of Cameco stock opened at $81.55 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.06 and a quick ratio of 2.10. The business has a fifty day simple moving average of $94.64 and a two-hundred day simple moving average of $101.77. Cameco has a 1 year low of $77.70 and a 1 year high of $135.24. The company has a market capitalization of $35.52 billion, a price-to-earnings ratio of 97.90, a P/E/G ratio of 1.76 and a beta of 1.17.

Institutional Trading of Cameco

A number of hedge funds have recently made changes to their positions in CCJ. Strategy Asset Managers LLC lifted its stake in shares of Cameco by 1.4% in the third quarter. Strategy Asset Managers LLC now owns 15,608 shares of the basic materials company's stock valued at $1,353,000 after buying an additional 223 shares in the last quarter. Azarias Capital Management L.P. increased its position in shares of Cameco by 11.3% during the third quarter. Azarias Capital Management L.P. now owns 56,083 shares of the basic materials company's stock worth $4,861,000 after acquiring an additional 5,712 shares in the last quarter. Roberts Wealth Advisors LLC raised its holdings in shares of Cameco by 7.9% in the 3rd quarter. Roberts Wealth Advisors LLC now owns 45,169 shares of the basic materials company's stock worth $3,915,000 after acquiring an additional 3,289 shares during the last quarter. Montrusco Bolton Investments Inc. bought a new position in Cameco in the 3rd quarter valued at about $2,270,000. Finally, Sax Wealth Advisors LLC bought a new position in Cameco in the 3rd quarter valued at about $479,000. 70.21% of the stock is owned by institutional investors and hedge funds.

Cameco Company Profile

Cameco Corporation is a Canadian uranium company headquartered in Saskatoon, Saskatchewan. It is one of the world's major suppliers of uranium, producing uranium concentrates used to generate nuclear power. The company's operations span uranium exploration, mining, milling, refining, conversion and fuel manufacturing.

Cameco operates or has interests in uranium assets in Canada, the United States and Kazakhstan. Its Canadian portfolio includes the McArthur River and Cigar Lake mines and the Key Lake and McClean Lake milling operations in northern Saskatchewan.

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