Portland Investment Counsel Inc. Invests $3.31 Million in Cameco Corporation $CCJ

Key Points

• Portland Investment Counsel purchased 32,500 Cameco shares worth approximately $3.31 million, making CCJ its 14th-largest holding at 0.9% of its portfolio. Institutional investors and hedge funds collectively own 70.21% of the stock.
• Analyst sentiment remains favorable, with 14 Buy ratings and five Holds, producing a “Moderate Buy” consensus and an average price target of $145.68. Recent targets ranged from $97 to $140.
• Cameco reported quarterly EPS of $0.13, below the $0.26 consensus, while revenue fell 6.8% year over year to $573.06 million. Shares opened at $102.55, compared with a 12-month range of $72.75 to $135.24.

Portland Investment Counsel Inc. purchased a new position in shares of Cameco Corporation (NYSE:CCJ - Free Report) TSE: CCO in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 32,500 shares of the basic materials company's stock, valued at approximately $3,313,000. Cameco comprises about 0.9% of Portland Investment Counsel Inc.'s holdings, making the stock its 14th largest holding.

Other large investors have also bought and sold shares of the company. Norges Bank acquired a new stake in Cameco during the 4th quarter worth $443,265,000. BlackRock Inc. bought a new stake in shares of Cameco during the 2nd quarter valued at $381,091,000. Cibc World Market Inc. acquired a new position in shares of Cameco in the 2nd quarter valued at $354,022,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cameco in the 2nd quarter valued at $301,990,000. Finally, William Blair Investment Management LLC acquired a new position in shares of Cameco in the 2nd quarter valued at $189,331,000. 70.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Truist Financial lifted their price objective on Cameco from $129.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Bank of America cut their target price on Cameco from $143.00 to $140.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Barclays reduced their target price on Cameco from $104.00 to $97.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 4th. Citigroup restated a "positive" rating on shares of Cameco in a research report on Wednesday, July 15th. Finally, Weiss Ratings cut Cameco from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, August 12th. Fourteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $145.68.

Cameco Trading Up 0.0%

Shares of NYSE CCJ opened at $102.55 on Monday. Cameco Corporation has a twelve month low of $72.75 and a twelve month high of $135.24. The stock has a market cap of $44.66 billion, a price-to-earnings ratio of 173.81, a P/E/G ratio of 1.75 and a beta of 1.05. 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 company's fifty day moving average is $96.21 and its 200-day moving average is $107.40.

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 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13). Cameco had a net margin of 10.20% and a return on equity of 7.59%. The firm had revenue of $573.06 million during the quarter, compared to the consensus estimate of $579.60 million. During the same quarter in the prior year, the company earned $0.71 EPS. Cameco's quarterly revenue was down 6.8% on a year-over-year basis. Equities research analysts predict that Cameco Corporation will post 1.27 EPS for the current year.

Cameco Company 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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