Scotiabank Has Strong Forecast for Cameco FY2027 Earnings

Key Points

• Scotiabank raised its FY2027 EPS estimate for Cameco to $1.44 from $1.30, well above the current consensus estimate of $1.07.
• Cameco’s latest quarterly results missed expectations, with EPS of $0.13 versus $0.26 expected and revenue down 6.8% year over year to $573.1 million.
• Analyst sentiment remains broadly positive: 12 analysts rate the stock a Buy, four a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $148.68.

Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO - Equities research analysts at Scotiabank raised their FY2027 earnings per share (EPS) estimates for shares of Cameco in a research note issued on Tuesday, October 13th. Scotiabank analyst O. Wowkodaw now expects that the basic materials company will post earnings of $1.44 per share for the year, up from their prior estimate of $1.30. The consensus estimate for Cameco's current full-year earnings is $1.07 per share.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its earnings results on Friday, July 31st. The basic materials company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.13). The company had revenue of $573.06 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 EPS.

A number of other equities analysts have also commented on CCJ. Truist Financial raised their price objective on shares of Cameco from $129.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Citigroup reaffirmed a "positive" rating on shares of Cameco in a report on Wednesday, July 15th. Royal Bank Of Canada increased their target price on shares of Cameco from $160.00 to $175.00 and gave the stock an "outperform" rating in a research note on Monday, June 29th. Barclays cut their price target on shares of Cameco from $104.00 to $97.00 and set an "equal weight" rating for the company in a report on Tuesday, August 4th. Finally, Wall Street Zen lowered shares of Cameco from a "hold" rating to a "sell" rating in a research report on Saturday, September 19th. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.68.

Cameco Trading Up 0.1%

Shares of CCJ opened at $86.20 on Wednesday. Cameco has a twelve month low of $77.70 and a twelve month high of $135.24. The stock has a market cap of $37.54 billion, a PE ratio of 146.11, a P/E/G ratio of 1.76 and a beta of 1.17. The company has a quick ratio of 2.10, a current ratio of 3.06 and a debt-to-equity ratio of 0.14. The business's 50-day moving average price is $94.89 and its 200-day moving average price is $101.94.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CCJ. Bank of America Corp DE purchased a new stake in Cameco during the second quarter valued at about $735,498,000. Canada Pension Plan Investment Board bought a new stake in shares of Cameco in the 2nd quarter valued at about $420,346,000. BlackRock Inc. bought a new stake in shares of Cameco in the 2nd quarter valued at about $381,091,000. Cibc World Market Inc. bought a new stake in shares of Cameco in the 2nd quarter valued at about $354,022,000. Finally, Amundi boosted its holdings in Cameco by 13.7% during the 2nd quarter. Amundi now owns 2,992,074 shares of the basic materials company's stock valued at $304,773,000 after acquiring an additional 359,375 shares during the period. Hedge funds and other institutional investors own 70.21% of the company's stock.

About Cameco

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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