Cameco Sees Unusually Large Options Volume (NYSE:CCJ)

Key Points

• There was a significant surge in options trading for Cameco Corporation, with 384,705 call options bought, an increase of approximately 1,490% compared to typical volumes.
• Cameco's stock price experienced a decline of 3.9% following the announcement of quarterly earnings, where it reported missed expectations with an EPS of $0.11 against a consensus estimate of $0.18.
• Analysts have maintained a generally positive outlook on Cameco, with an average rating of "Buy" and a target price of $80.65, indicating confidence in the company's growth potential.

Cameco Corporation (NYSE:CCJ - Get Free Report) TSE: CCO saw some unusual options trading activity on Thursday. Traders acquired 384,705 call options on the company. Thisisanincreaseof1,490% compared to the typical volume of 24,198 call options.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CCJ. Sanford C. Bernstein set a $70.00 price objective on shares of Cameco and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Desjardins initiated coverage on shares of Cameco in a research note on Friday, April 4th. They issued a "buy" rating on the stock. UBS Group restated a "buy" rating on shares of Cameco in a research note on Tuesday, June 10th. Scotiabank reiterated an "outperform" rating on shares of Cameco in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada raised their target price on shares of Cameco from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cameco has an average rating of "Buy" and an average price target of $82.65.

Institutional Investors Weigh In On Cameco

Institutional investors and hedge funds have recently modified their holdings of the business. Manchester Capital Management LLC raised its holdings in Cameco by 100.0% in the 1st quarter. Manchester Capital Management LLC now owns 600 shares of the basic materials company's stock worth $25,000 after acquiring an additional 300 shares during the period. Hurley Capital LLC acquired a new position in Cameco in the fourth quarter valued at about $27,000. Dagco Inc. acquired a new position in Cameco in the first quarter valued at about $28,000. SVB Wealth LLC bought a new position in shares of Cameco in the first quarter worth about $29,000. Finally, Trust Co. of Vermont raised its stake in shares of Cameco by 1,029.4% in the second quarter. Trust Co. of Vermont now owns 384 shares of the basic materials company's stock worth $29,000 after acquiring an additional 350 shares during the last quarter. Institutional investors and hedge funds own 70.21% of the company's stock.

Cameco Trading Down 2.6%

Cameco stock traded down $1.96 during midday trading on Friday, reaching $72.97. The stock had a trading volume of 6,058,073 shares, compared to its average volume of 4,773,212. The firm's fifty day simple moving average is $70.11 and its two-hundred day simple moving average is $54.18. The firm has a market cap of $31.77 billion, a price-to-earnings ratio of 83.87 and a beta of 1.06. Cameco has a twelve month low of $35.00 and a twelve month high of $80.32. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.70 and a quick ratio of 1.26.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO last issued its earnings results on Thursday, July 31st. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.22. Cameco had a net margin of 14.97% and a return on equity of 8.34%. The company had revenue of $467.72 million during the quarter, compared to analyst estimates of $819.79 million. During the same quarter last year, the business posted $0.14 EPS. The company's revenue for the quarter was up 46.7% on a year-over-year basis. Equities analysts anticipate that Cameco will post 1.27 EPS for the current fiscal year.

About Cameco

Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.