Ninepoint Partners LP Purchases New Position in Cameco Corporation $CCJ

Key Points

• Ninepoint Partners acquired 353,107 Cameco shares worth approximately $36.0 million in the second quarter, making Cameco 2.7% of its portfolio and its sixth-largest holding.
• Institutional ownership of Cameco stands at 70.21%, with major investors including Norges Bank, BlackRock, Marshall Wace, Bank of New York Mellon and Northwestern Mutual adding substantial positions.
• Cameco’s latest quarterly results missed expectations: adjusted earnings were $0.13 per share versus a $0.26 consensus, while revenue declined 6.8% year over year to $573.1 million. Analysts nevertheless maintain a “Moderate Buy” consensus with an average target price of $145.68.

Ninepoint Partners LP acquired a new position in Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 353,107 shares of the basic materials company's stock, valued at approximately $35,967,000. Cameco comprises 2.7% of Ninepoint Partners LP's portfolio, making the stock its 6th largest position. Ninepoint Partners LP owned about 0.08% of Cameco at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Cameco in the 4th quarter worth $443,265,000. BlackRock Inc. bought a new position in shares of Cameco during the second quarter valued at $381,091,000. Marshall Wace LLP boosted its position in shares of Cameco by 7,481.3% during the fourth quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company's stock valued at $160,343,000 after buying an additional 1,729,454 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Cameco in the 2nd quarter worth about $163,449,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Cameco by 14,338.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,112,080 shares of the basic materials company's stock worth $101,744,000 after buying an additional 1,104,378 shares in the last quarter. 70.21% of the stock is owned by institutional investors.

Cameco Stock Performance

Shares of NYSE CCJ opened at $95.55 on Friday. Cameco Corporation has a 12-month low of $70.47 and a 12-month high of $135.24. The firm has a market capitalization of $41.61 billion, a price-to-earnings ratio of 161.95, a price-to-earnings-growth ratio of 1.68 and a beta of 1.05. The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $96.18 and a 200 day moving average of $107.53.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last released its quarterly earnings results 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). Cameco had a return on equity of 7.59% and a net margin of 10.20%.The business had revenue of $573.06 million during the quarter, compared to the consensus estimate of $579.60 million. During the same quarter in the previous year, the business posted $0.71 earnings per share. The firm's revenue was down 6.8% on a year-over-year basis. On average, research analysts anticipate that Cameco Corporation will post 1.27 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on CCJ. Weiss Ratings lowered Cameco from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, August 12th. Citigroup restated a "positive" rating on shares of Cameco in a report on Wednesday, July 15th. Wall Street Zen lowered shares of Cameco from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Sanford C. Bernstein reiterated an "outperform" rating and set a $135.00 target price on shares of Cameco in a research note on Monday, June 15th. Finally, Truist Financial raised their price target on Cameco from $129.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Fourteen 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $145.68.

Cameco Profile

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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